Thursday, January 15, 2009

Foreclosures Up 81% in 2008

Will we ever get any good economic news?
RealtyTrac, an online marketplace for foreclosure properties, found that a total of 3.2 million foreclosure filings - default notices, auction sale notices and bank repossessions - were reported on 2.3 million American properties during the year. Foreclosures actually rose in December despite the much publicized efforts to suspend foreclosures during the holidays.

"State legislation that slowed down the onset of new foreclosure activity clearly had an effect on fourth-quarter numbers over all, but that effect appears to have worn off by December," said James J. Saccacio, chief executive officer of RealtyTrac, in a press release. "The big jump in December foreclosure activity was somewhat surprising given the moratoria enacted by both Freddie Mac and Fannie Mae, along with programs from some of the major lenders and loan servicers aimed at delaying foreclosure actions against distressed homeowners."

The states with the highest foreclosure rates: Nevada, Florida, Arizona, California, Colorado, Michigan, Ohio, Georgia, Illinois and New Jersey. More than 7 percent of Nevada housing units received at least one foreclosure notice in 2008.

The cities with the highest foreclosure rates: Stockton, Calif.; Las Vegas/Paradise, Nev.; Riverside/San Bernardino, Calif.; Bakersfield, Calif.; Phoenix/Mesa, Ariz.; Fort Lauderdale, Fla.; Orlando, Fla.; Miami, Fla.; Sacramento, Calif.; and Detroit/Livonia/Dearborn, Mich. Nearly 9.5 percent of houses in Stockton received a foreclosure filing last year.
Where is the bottom in this economic nightmare? Tonight George W. Bush will give his last address to the American people and the American people will heave a collective sigh of relief. In five days the Bush years will be over but the mess he left behind will linger for generations.

The Bush Presidency is like a case of crabs. Just when you think they are gone there is another one sucking the blood out of you.

No comments: