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TAKE STEPS TO PROTECT YOURSELF PART TWO
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TAKE STEPS TO PROTECT YOURSELF
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HOW GOES THE HOUSING RECOVERY
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DEATH GRIP OF DEBT
August 19, 2010
HOME EQUITY LOANS BECOMING UNCOLLECTIBLE
FORECLOSURES STILL RISING
Posted by: Darrell Castle
February 11, 2010
Topic: Bankruptcy
Foreclosure filings rose 15% in January from a year earlier and exceeded 300,000 for the 11th consecutive month as modification programs failed according to RealtyTrac, Inc. A total of 315,715 properties received a notice of default, auction or bank seizure last month, or one in 409 households.
Comment: Unemployment and negative equity, where home owners owe more than their properties are worth, are adding to the total, said the chief economist at Zillow.com. More than a fifth of U.S. home owners had negative equity in the 4th quarter of 2009. Translation: If you are out of work and have less than no equity, you can't make your house payments when due. Comment: About 8.4 million jobs have been lost since the recession began in December 2007, with more than 4 million cut since Obama took office in January 2009. Translation: Work has gone straight to hell in a hand basket and has gotten worse since Obama's modification programs started. Comment: Nevada had the highest foreclosure rate for the 37th straight month, with one in 95 households receiving a filing in January. Translation: Nevada, once a glamour spot, is now the worst hellhole in the country. Comment: Las Vegas had the highest foreclosure rate for cities with a population of more than 200,000 with one in 82 households getting a filing. Translation: Las Vegas is the worst hellhole of any city in the country.
Things are bad and getting worse. Get out of debt as soon as possible.
