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Thursday, September 10, 2009

3 Wood: The Obamanable Foreclosure Man

Despite getting $787 billion in stimulus pork approved, despite all the finger pointing and blaming of others, the Obama administration is continuing to have a very poor economic performance. Housing foreclosures are continuing on at very high levels.

U.S. Aug. foreclosures off 1% from July, up 18% vs. year ago

"U.S. foreclosure filings in August fell less than 1% from July and rose 18% from the year-earlier month, the real-estate consultants RealtyTrac reported.

Foreclosure filings -- defined as default notices, scheduled auctions and bank repossessions -- were reported on 358,471 U.S. properties during the month, the Irvine, Calif., firm said. That's 1 of every 357 U.S. housing units.

Real estate owned by banks dropped 13% in August compared with July, which had marked the monthly high for 2009. But at the same time, a record number of properties entered default or were scheduled for foreclosure auction in August, RealtyTrac Chief Executive James J. Saccacio said in a statement late on Wednesday."

Foreclosures of course are very closely related to income, which is connected to employment. The ever rising total of unemployed means that families are thrown off of payrolls and on to unemployment benefits which in many cases are running out. In addition, the contracting economy with very little signs of any turn around in the near future are causing housing values to keep dropping. In that situation, some folks holding mortgages are finding that it makes more financial sense for them to just walk away and default.

Had enough of the hope and change yet?
~ 3 Wood