91,000 families lost their homes in August
 

to foreclosure...

a new record...

still think the economy is getting better?

well now that they aren't locked into payments they cant afford they will have more to spend on other things....which should stimulate economic growth right?

And I bet most them dumb fucks voted for Bush and will Vote for Mccaine to.

no, like in michigan where they are trying to not allow foreclosed property owners the right to vote...

hadn't heard about that :Oh crap

you should be able to google it.. the local govt is trying to get them on a loophole that they dont live at the address on their voter cards...

pretty fucked up...

yep everything is great.

the official michigan republican party response...

http://poligazette.com/2008/09/11/ho...right-to-vote/


This story is not true. The Michigan Republican Party is not using foreclosure lists to challenge voters. This has never been discussed. This is not being discussed. This will not be discussed. Period.

UPDATE II: In a later e-mail Mr. Nowling added:

We take this story by the Michigan Messenger to be false. I spoke directly with the chairman of Macomb Country GOP and he says he never said anything to the Messenger as it was reported in the Messenger. The Messenger is a left-leaning blog funded by ultra-Left billionaire George Soros. It is not an independent news source.

That said, there is not now nor has there ever been any plan to use home foreclosure lists to challenge voters. Such a list would be meaningless in determining whether a voter is eligible to vote in a precinct for which they are attempting to vote.

As another note, it is the Michigan Republican Party, the state party, and not the county parties that operates voter integrity programs. County parties have no role in our Election Day Operations programs.

Loophole? If you don't live there, you can't vote like you do.

National election aside the importance of residency on local government districts is incredibly important. Why some can't see this is beyond me.


.

Probably because they think it works against their interests to enforce rules like that. Mainly because they aren't neighbors.:2 cents:

I pose a practical question... What the fuck is going to stop this downward real estate spiral?

-I live in a realitively small county. There are 3000 houses for sale at the moment and last month 72 sold. That's what? A four year supply assuming no more properties come on the market?

-Soon, tons of Alt-A loans (those given to people with good credit but are ARM) are due to be reset. That's another flood of foreclosures.

-It's nearly impossible to get a mortgage now to buy anything as the banks are demanding gold-plated borrowers.

-Those that can get approved often cannot come up with the required down payments as either they've seen their equity disappear in their existing homes or they can't sell to free up whatever equity they're lucky enough to still have.

-The collateral damage is massive. I was in Home Depot a few weeks ago around noon on a Saturday. The were litterly four other customers in the store.

I bought my first house (to fix up and resell) when I was 23. I got stuck selling it during the Carter era where mortage rates were 18%. And I still managed to sell it and make a small profit.

Today? Forget it. The real estate market is not just dead, it's a rotting corpse.

http://www.nationalcampaignforfairel.../voter_caging/

They ARE doing this... using direct mail.

And does your illustrious commander and chief care? Hell no, he proclaims all is well and is fine with the economy as he swings another golf club.

Great leader.

they just need to register in the correct place. You cant use an address you dont live at. Its pretty simple.

:2 cents:

I don't think it will ever get back to where it was. Banks will simply have to be more careful in the future. This alone will cause an adjustment.

As for how to stop it, it'll come down to when credit becomes more available. There is a huge crunch right now and it's tough to get money. Until that passes, which will be at least a year, I don't see the housing market getting back on track.

By law you have 60 days to change your registration address... anyone that has moved much knows mail gets all jacked up... especially when it is labeled "Do Not Forward"... and this is the basis of the bullshit voter caging tactic.

that's just sad!

:thumbsup

Sounds like its the rigth time to invest in some US Real Estate ;)

Especially with euros.

prices still dropping i'd wait a while longer

Bottoms no where in sight. Im waiting till next spring and summer. Should be some pretty nice prices :thumbsup

but rents are also high now

the banks are all just a bunch of scammers

What are you talking about McCain said the fundamentals of the economy are fine?

I have to wonder how many of 91,000 bought the house knowing that they wouldn't be able to afford the payments once their ARM changed and went up or how many of them didn't even bother to ask how much the payments could go up?

It seems like the idiots and the greedy banks and brokers have screwed a lot of people over. Many people bought these house assuming that they would wait 3-4 years, let the value go up and either sell or refinance before the rate change. It didn't occur to them that a ton of other people were doing the same and the market would be saturated. Now they want to refinance but because so many people bought a house they can now no longer afford the value of their house as actually either dropped or stagnated and they can't get it refinanced. The lenders knew the odds of these people defaulting were high, but they didn't care, they sold them the house, then sold another company the mortgage before it all hit the fan.

I'm typically all for capitalism and letting the market set itself, but when it comes to things that could effect everyone else that is doing things the right way, I think there needs to be more regulation. There should be stronger rules when it comes to buying a house and I wouldn't feel bad if ARMs were completely done away with.

The housing market is in a correction phase. No big deal, it's happened before, and some day, it'll happen again. People act as if it's the end of the world. Sure, tough times for some, but hey, that's life.

the guys at fox said the economy is doing great and has actually expanded during Bush yrs.

not quite...

foreclosures are at an all time high and people have less equity in their homes then ever before in history..

i agree that the market corrects itself and that there has been a consistent up/down curve for real estate since stats have been collected...

however, there are so many new factors that have never been present before now, such as loss of jobs, negative equity, and high consumer credit, etc etc etc...

tough times for some will extend to tough times for many...

like i have said many times this past few months, the US economy is on the verge of collapse. it will take a miracle to correct...

if the govt has to bail out 1 or 2 more large institutions, you are going to see major problems..

i am hoping this is avoided, but imho, we are no where near the bottom yet.. :2 cents:

Deregulation came along to allow people to become first time homeowners, and instead they figured they could become real estate tycoons.

No, it will get worst. Most banks are not showing all their foreclosures yet :Oh crap

i am going to be nice here and respect my elders...

many people that got tricked into ARM's, could have qualified for regular mortgages..

mortgage brokers got rich at the expense of the poor and minorities... :2 cents:

yes, there were a lot of speculators that bought with credit they didn't qualify for, but the majority were buying primary residence...

Tell that to fanny mae and freddie mac.

That's exactly what people say every time something like this happens. "This is the first time, this time is different, this time things are really bad." People get so caught up in the moment, that they lose perspective of the larger picture. Zoom out, take a birds eye view of our current economic environment. Compare it to others we've been in. You'll find compared to other recessions, this one ranks mild at best.

There are tragedies in every bear market.

don't vote for fucking bush

I have had a couple ARM mortgages in my lifetime, think I still have one actually. I have never had one that did not give me four different payment options, ranging from interest only to principle and interest that would pay the loan in 15 years instead of 30.

Someone would have to be a total idiot to not realize that if you are making the minimum payment possible that it is going to catch up to you. There is no trickery involved. All they have to do is read or pay someone to read for them.

I understand that most foreclosed loans were for primary residences, but that doesn't change the fact that these people [for the most part] bit off more than they could chew.

be getting cheaper to buy