foreclosure in the first quarter surged 327% from year-ago levels
The number of California homes lost to foreclosure in the first quarter surged 327% from year-ago levels -- reaching an average of more than 500 foreclosures per day -- DataQuick said in a report, warning that the widening foreclosure problem could "spread beyond the current categories of dicey mortgages, and into mainstream home loans."From DataQuick's report on California foreclosures in the first three months of 2008: "Trustees Deeds recorded, or the actual loss of a home to foreclosure, totaled 47,171 during the first quarter. ... Last quarter's total rose 48.9 percent from 31,676 in the previous quarter, and jumped 327.6 percent from 11,032 in first quarter 2007." That translates into 517 foreclosures every day in the first quarter of 2008.
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327% in one year? The numbers speak for themselves. 500 households per day find themselves homeless. Every single day. In California alone. And combined with the other 49 states as well as those countries whose economic realities are echoes and mirrors of the economic realities of Amerkia, then the real numbers become apparent. And notice this one glaring FACT ABOVE ALL OTHERS...the real reason for all these forclosures is not sub-prime loans or bad risk loands or CFOs or any other publicly bandied about lie so often chattered about on the net, in the news, or wherever liars lie about reality.
The reason for all these forclosures is one thing more than any other. The truth is in the housing bubble blogs, the reports from realtor associations and those watchdog agencies who have taken it upon themselves to track such things. It's the banks themselves, the lenders, who, knowing the timing of such things, ARE ALL RAISING THEIR LOAN RATES IN THEIR ADJUSTABLE RATE MORTGAGES MAKING THE AFFORDABLE LOANS NO LONGER AFFORDABLE. And this is hot on the heals over weekly loand reduction rates from the FED to banks, which not only are NEVER passed on to the consumers, but indeed, just the opposite. House loans that were taken out two and three years ago at payments of say, 1,200.00 per month, are now being reset by the banks at rates which jump them up to 3000 a month or better. And the above figures are typical. But notice, nowhere is anyone taking the bank to task for fleecing the customer. Or doubling its income. The banks themselves are doing this to homeowners but all the press is about bad credit risks and deadbeats. But, if you woke up on day and found your living expenses doubled in a single month, but not your income, who among us can survive such a heavy burden without being wealthy in the first place. And if you are wealthy in the first place, then you wouldn't have needed a mortgage to begin with. WIth all the credit rate reductions to banks, making their money cheaper and more profitable, they would only earn a few less billions by keeping the loans at the orginial vig, until this or any economy improves. Why is it, that no one ever mentions this, writes about this, or states this obvious fact. Better than 96% of all forclosures in the USA have solely TO DO WITH BANKS DOUBLING THE LOAN VIG ON ADJUSTABLE RATE MORTGAGES. There's your cause, there's your reason, there's YOUR CRIMINAL.
And, with all these financial pundants singing lies and blaming everyone except the theif and thieves doing the robbing. The banks and the monsters who own them. THese are the real Mafia, the real evil, the real ruination of family life, reality, and beingness. Why does it take someone like me to state that which is prima facie evidentia to anyone who really cares to look at the facts? And, why, out of all the so-called conspiracy sites and revelators out on the web, is this silly retard the one fool on the hill, who can clearly see the danger in the valley of the shadow of death.
Go to the housing bubble blogs in my links site, sift back through the last three years of posts. You will see what everyone seems to know, but no one apparently wishes to state. The banks are causing forclosures and NO ONE ELSE. Check it out. Do your own thinking. See what you come up with.
And then ask, who owns these banks. Why are they doing this when the FED has practically dissolved banking rates to banks?
Because it kills families and lays waste to the land, the family, the one thing they truly despise from a group of soulless zombies who see family as something that needs to die off and quickly.
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