By Jeff Davis. Many people may have thought that the massive wave of foreclosures must be over by now, roughly four years after the subprime mortgage crisis began. Most banks however were bending over backwards trying to make deals to avoid foreclosing on millions of other people. After giving people months, if not years of leeway, it’s become obvious these people won’t be getting good paying jobs anytime in the near future and the banks can’t just keep taking token partial payments on mortgages. Add to that, large numbers of newly laid off government workers –many of whom should have been downsized three years ago shortly after this financial crisis began.
A recent news article reports: “Banks have stepped up their actions against homeowners who have fallen behind on their mortgage payments, setting the stage for a fresh wave of foreclosures. The number of U.S. homes that received an initial default notice — the first step in the foreclosure process — jumped 33 percent in August from July, foreclosure listing firm RealtyTrac Inc. said Thursday. The increase represents a nine-month high and the biggest monthly gain in four years. The spike signals banks are starting to take swifter action against homeowners, nearly a year after processing issues led to a sharp slowdown in foreclosures.”
“Foreclosure activity began to slow last fall after problems surfaced with the way many lenders were handling foreclosure paperwork, namely shoddy mortgage paperwork comprising several shortcuts known collectively as robo-signing. Many of the nation’s largest banks reacted by temporarily ceasing all foreclosures, re-filing previously filed foreclosure cases and revisiting pending cases to prevent errors. Other factors have also worked to stall the pace of new foreclosures this year. The process has been held up by court delays in states where judges play a role in the foreclosure process, a possible settlement of government probes into the industry’s mortgage-lending practices, and lenders’ reluctance to take back properties amid slowing home sales.”
If the bank takes over a property, they are on the hook for the property taxes. Many banks have deliberately left properties that should be foreclosed in the name of the poor laid off people, who couldn’t make the payments and who are now living under bridges.
The article notes “A pickup in foreclosure activity also means a potentially faster turnaround for the U.S. housing market. Experts say a revival isn’t likely to occur as long as there remains a glut of potential foreclosures hovering over the market.”
In other words, the construction industry that also helped keep the economy afloat during the early part of the 21st century is going to stay in the toilet where it’s been for the past three years. All these millions of foreclosed homes going back on the market mean that no new construction (or construction jobs) are needed.
The article goes on “Foreclosures weigh down home values and create uncertainty among would-be homebuyers who fret over prospects that prices may further decline as more foreclosures hit the market. There are about 3.7 million more homes in some stage of foreclosure now than there would be in a normal housing market.”
One of the big items on The PC Agenda is for the federal government to find some way to take over all those millions of foreclosed homes and turn them into “Section 8” housing for blacks, illegal aliens and other poor Third World invaders. Not only will the Feds steal millions of homes that White people had been paying for, they will get to shove large numbers of dangerous minorities into previously White neighborhoods –maybe just across the street from you.
This is another big reason why we don’t want Obama or a liberal Republican winning the 2012 election. We may be in a Depression, but things could be made much worse by a liberal federal government.
