Banks Repossess U.S. Homes at Record Pace
July 15th, 2010Via: Reuters:
Banks repossessed a record number of U.S. homes in the second quarter, but slowed new foreclosure notices to manage distressed properties on the market, real estate data company RealtyTrac said on Thursday.
The root problems of job losses and wage cuts persist, making a sustained U.S. housing recovery elusive.
Banks took control of 269,962 properties in the second quarter, up 5 percent from the prior quarter and a 38 percent spike from the second quarter of last year, RealtyTrac said in its midyear 2010 foreclosure report.
Repossessions will likely top 1 million this year.
“The underlying conditions haven’t improved,” RealtyTrac senior vice president Rick Sharga said in an interview.
The housing market still grapples with “unemployment, economic displacement in general, and still sits on over 5 million seriously delinquent loans that in all likelihood will at some point go into foreclosure,” he said.
In 2005, the last “normal” year in housing, Sharga said, about 530,000 households got a foreclosure notice and banks took over a comparatively minuscule 100,000 houses.
This year more than 3 million households are likely to get at least one foreclosure filing, which includes notice of default, scheduled auction and repossession, Irvine, California-based RealtyTrac forecasts.
I can’t believe that the banks still have the power to foreclose on loans, most likely made within the Bush era of “buy a home.” Of course I have no idea of the details, but something stinks here, big time.
Let us recall banks lending to any Dick or Jane who wanted to everyone to have the “joy” of owning their own home. The sheeple went out willy nilly to buy a house because that was “the dream” that Bush had one day we he was sober. More likely as the Manchurian candidate, Bush spoke and everyone became mezmerized by his speech and becoming flucking morons and acted to fulfill this hypnotic CIA trance message.
So the peoples succumbed to the hypnotic message and bought home well out the realm of reality because the banks lent money to Dick and Jane for homes that were priced within a bubble of a real estate extravaganza pricing.
Now the banks, after they’ve made a bundle off of selling these bad loans that they knew no one could repay, and which they were bailed out for on my dollar – get to foreclose? And make more money off this real estate bubble scam? I’m not in a foreclosure situation, but if I was, I’d be really pissed, that is, if I had knowledge of this scam.
This is exactly what happened during the Great Depression. My grandparents on both my father and mother’s side of my family invested in foreclosing real estate. They didn’t make money, or lost a great by speculating. Only my Mom’s mother made money for her children years later when the property was sold.
In the meantime, Grandma did all she could to keep the people who rented from her in their homes. She supported them by giving them food, folk lore medicine etc.
Long and short of it, when banks get to write off their debts, just to remain solvent at the expense of so many losing their homes… I shudder to think what is going to happen to all of those “nice” suits.
In my mind, this does not bode well for the humans working in the banking-designed-rip-off industry. There is going to be blow back on them, and well, so what? Do unto others as you would have others do unto you..is what I’m thinking.
I sense the rumbling of a war…about dam time.