October California Foreclosures Up – Home Prices Down
RealtyTrac of Irvine, California reported today that nationally, home foreclosure filings rose 25 percent in October from a year earlier. For all the states, California had the most total home foreclosure filings at 56,954. This figure was down from a peak of more than 100,000 in August, but, 13 percent higher from October 2007.
Many, may tout the fact that California home forclosure filings increased only 5 percent from September, as a sign of improvement. But, a big factor that directly affects this figure is the new (7-1-08) California law that requires lenders to contact borrowers to discuss loan changes prior to filing the notice of default. Many, estimate that this new law delays the foreclosure filings by 30 days.
Prior related posts:
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Real Estate Conditions … Housing Markets Are Local
California Home Foreclosure Filings fall 32%
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#1 Key To Purchasing Real Estate in the San Diego Market
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CALIFORNIA HOME FORECLOSURE SALES JUMP 22.5%
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Home prices will fall up to 50%, the Fed can’t keep up with the jingle mail folks, cutting rates to 0 = 33% inflation. Poor, poor timing. Jimmy Rogers recently called on Blind Ben to resign, a total screw up.
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If you don’t vote, you may just be Standing in the soup line, instead of proposing just to see people in them. They already exist. Many will need to focus on making a go of it living below their means for a while; these Liars, Killers and Economy Destroyers need to answer to the People. This is a Democracy.
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Clinton’s didn’t have anything to do with a balanced budget. We had $10 $15.00 oil and the Republican Congress lead by my man Newt Gingwich and his contract with America mandated a balanced budget. Clinton also raped the military budget. Don’t forget about their tech bubble that Al Boring invented.
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It is in fact socialist nonsense such as everyone should own a home that caused the current problems that we have now. What you don’t understand is that socialist agendas are created by both leftist groups and right extreme idiots. Regardless socialism is socialism and causes financial distress at the end. Why is it that these people just don’t understand? The Obama and Clinton health care for all bullsh-t. Freddie Mac /Fannie Mae created a socialist vacuum that transferred risk from banks to tax payers and 401k holders. it is socialist removal of risk that causes bubbles in the first place. People need to know and understand that when they take a risk that they can lose. And that is that. You buy a house — then u got to make payments for 30 years. u miss a payment u lose your house and your credit. Therefore, that loan amount should be very in line with what you can afford. this is not rocket science. The banks are socialist, the government is socialist, u r a socialist, and anyone who tries to remove risk from the equation of reward is socialist too.
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I TELL EVERY PERSON HERE NOW. SOCIALISM IS NOT THE ANSWER AND WILL RUIN THE AMERICAN DREAM. STOP THE CORP WELFARE PROGRAMS AND THE GENERAL WELFARE PROGRAMS ALL TOGETHER. The socialist politics in this country must be abolished. we need free markets, less regulation, no government guarantees, personal accountability in the free markets — let there be skin in the game for the risk takers….
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Housing prices and sales will continue to decline. Expect 3 years before the bottom; Commercial real-estate will suffer a steep decline as well.
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Housing prices and sales will continue to decline. Expect 3 years before the bottom; Commercial real-estate will suffer a steep decline as well.
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Consumer demand will drop. Unemployment will rise. The US will go into a recession at best, a depression at worst. Expect first stagflation (high inflation and high unemployment), both because of the increased price of imports and deliberate pump priming by the Fed, then deflation, as asset prices collapse so hard they take everything else with them. The other likely scenario is stagflation followed by hyperinflation. Formal inflation numbers put out will become not just a joke amongst market-watchers, but amongst the actual population. Same thing with unemployment numbers.
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