New data released this afternoon indicates that one in every 656 homes in the United States went into foreclosure during May.
Irvine, Calif.-based RealtyTrac says more than 176,000 people got foreclosure notices last month.
That is the highest figure they have ever recorded in their monthly report and is 90 percent higher than the numbers from a year ago.
"Such strong activity in the midst of the typical spring buying season could foreshadow even higher foreclosure levels later in the year," said James Saccacio, CEO of RealtyTrac, in a release accompanying the data.[tags]foreclosures, home foreclosures, real estate bubble, housing bubble[/tags] San Diego Realtor
When did people forget how to do enough math to know how much house they can afford? Blame the predatory lending all you want, but the people of this country are in debt up to their eyeballs due to their own gluttony and exaggerated feelings of entitlement. San Diego condo
As much as I would love to blame only the greedy lenders on this one, everyone with an ounce of intelligence knows that most financial corporations exist solely to dupe as many people out of their hard earned money as they can. When I bought my first home this year, I didnt know one thing about buying a home EXCEPT the totally obvious facts that an adjustable rate mortgage is potentially suicidal, and that the market may go down for a while after I buy. I worked hard to get myself into a 5.8% fixed rate mortgage. I understood to the penny what I would be paying and how it would affect my debt-to-income ratio. How can anyone sign the MOUNTAIN of paperwork with their loan info all over it and not understand what they are getting into?! ! And since all these people bought homes who shouldnt have, I paid an artificially inflated rate for my home, and now the market is tanking because all of these people are getting forclosed on, bringing the value of my home down. Not much sympathy. Los Angeles bail bonds
I was formerly employed with a mortgage company and I know that greed is alive and well in the good ole USA !! I also know that stupidity is alive and well. I think it’s a combination of ignorant customers signing paperwork that they can barely comprehend and greedy sales people and loan officers ready to make a quick buck. Most foreclosures are in poor neighborhoods where people are not educated and don’t have a clue about what they are signing. The lenders who prey on the poor and uneducated don’t care about whether they can afford a home or not, they just want to make the deal happen !!!It will be very interesting to see what happens when only a small percentage of the population can afford a home due to overinflation . If we think it’s bad now, just wait until the market is saturated with homes that no one can afford !
I am now a home owner, i waited and waited on the sidelines for this to happen, when I was priced out of the market and finally the time came to sell they turned around and no one was there and they looked at their bills and had no income. I have zero sympathy for these people they got what they had coming! As yourself this question, what are cabbage patch and beenie babies worth now? Same thing! website awards
So now most of us realize the lowest interest rate in many years has come back to bit us. Sure, there were plenty of predatory lender’s which is a terrible thing, but half the blame has to go the the homeowner’s themselves! The vast majority of the foreclosures are occuring because people bought more than they could afford. You can say, “But they were TOLD they could qualify for that much.” I personally know several people who purchased the biggest and best house they could afford because they wanted to impress others, now they can’t afford them. Sometimes we have to take responsibility for our choices. We all know deep down inside how much we can really afford. People were counting on promotions or a better job to be able to pay for their new home in a “few years,” and many didn’t work out as they had hoped. You know if you make $30,000 a year you should NOT be buying a $250,000 home under any circumstances. I “qualified” for a house near $400,000, but I BOUGHT one for $200,000. At least I know one thing, I’m not going into foreclosure
The low interest rate housing boom market was just a trap. It was a way to get people to over extend themselves and help the middle class disappear. What is left are the ‘haves’ and ‘have nots’ and without money and capital the ‘have nots’ are controlled more and more by the ‘haves’. When interest rates were so low that everyone and their cousins were getting loans for houses, everything was great. BUT not many took into consideration that a rise in interest rates would stop people from paying off their loans and make them forfeit hard assets. Its a racket folks—to put the hard collateral and capital in few hands and make slaves of the rest. Don’t think that is going on? Think again! San Francisco auto accident lawyers
Isn’t funny that the government keeps saying that the economy is doing great? where the heck do they get those statistics? Los Angeles personal injury lawyers
If you think that going for the loan with the slogan “qualify for a home you otherwise could not afford” is a good idea, stop and think,,, duh… Most of this country is way too focused on keeping up with the Jones. For those borrowers who want to have the big house in the trendy neighborhood, talk to your grandparents and great grandparents about the Depression, they have an enitrely different view on priorities and wealth. Dallas personal injury lawyers
It is not up to the lender to determine what the customer can afford. The customer has to be realistic when they sign for a mortgage. They get so excited because they found out they can get one that they don’t pay enough attention to the rules and regulations about making payments or the type of mortgage they can get. They are too busy thinking about putting decorations here and there and what type of furniture they want and so forth. A Mortgage is a Government LEGAL BINDING DOCUMENT and should be read with Great attention paid to every detail because if you don’t then when you get the mortgage co. reps calling asking about payments, you’ll be one of the people who don’t understand why the payments are what they are or where it goes or why representatives can call in the first place. Foreclosure is a sad thing that nobody wants to see happen and contrary to popular belief, mortgage companies do NOT benefit from forclosure. It happens simply because People don’t accept enough responsibility or pay enough attention to what they are doing. Orange County personal injury lawyers
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