Upcoming Foreclosures

If foreclosures just hit a record and the federal govt. owns to the two largest mortgage lenders..?

If foreclosures just hit a record and the federal govt. owns to the two largest mortgage lenders, isn't the economic "recovery" in serious trouble??? I know Wall Street is making profits, but unemployment continues to rise as well as foreclosure numbers. http://money.cnn.com/2009/10/15/real_estate/foreclosure_crisis_deepens/?postversion=2009101507 NEW YORK (CNNMoney.com) -- Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday. "They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes. During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008. stephanie......."It's not in trouble because there was no economic recovery" Yes, indeed.

Public Comments

1. It's not in trouble because there was no economic recovery. Foreclosures are going to get worse, we are nowhere near the bottom of the housing market.
2. How much worse off do we need to get before people realize we need to do something about the state of our country?
3. People can't pay mortgages if they don't have jobs. With 260,000 job losses a month still occurring, logic dictates that mortgage foreclosures will continue. It doesn't matter who owns the banks.
4. It's not hard to understand that as people lose their jobs they would default on their mortgages. Unemployment is a lagging indicator so as the economy recovers that situation will improve. Also, as the article points out, the situation would have been even worse if it hadn't been for the Obama administration's mortgage foreclosure prevention program. More needs to be done to address the results of the worst recession since the Great Depression. The people who think that less should be done are not being realistic.
5. another big leap to government take over. this is not just a coincident this is the planned strategy. I am so amazed at people that are waiting for economy recovery. this is not the plan.and more amazed at the sheep saying we are making progress. But where they can:t say. bs mmm mmm mmm
6. yes, it is.