U.S. Mortgage Delinquencies Reach a Record High - NYTimes.com

U.S. Mortgage Delinquencies Reach a Record High - NYTimes.com: "The combined percentage of those in foreclosure as well as delinquent homeowners is 14.41 percent, or about one in seven mortgage holders. Mortgages with problems are concentrated in four states: California, Florida, Arizona and Nevada. One in four people with mortgages in Florida is behind in payments.

Some of the delinquent homeowners are scrambling and will eventually catch up on their payments. But many others will slide into foreclosure. The percentage of loans in foreclosure on Sept. 30 was 4.47 percent, up from 2.97 percent last year."
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Let's see. What do CA, FL, AZ, and NV have in common? Lots of sun. What else? Oh, yes. These are states where CIDs have been the predominant form of new housing in recent years. So that means the foreclosures to come will place even heavier burdens on the remaining owners in all those condo associations and HOAs.

Unemployment rates by county

Hit the play button and watch the recession unfold

UIC News - University prepares for cuts in state funds

UIC News - University prepares for cuts in state funds: "As of Nov. 2, the university has billed the state for $317 million of its appropriation, but has only received about $400,000."
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And that's why we are now about to get hit with a budget rescission to the tune of $45 million. That's coming out of the budget we had for this year, which is well underway.

The state of Illinois is a fiscal basket case, and so are at least nine other states. I am not aware of any other time in memory when government budgets at all levels--federal, state, and local--have been so far out of balance. There is no pocket to get the money from. Governments are insolvent and the taxpayers are already economically stressed to the max.

YouTube - Lindsey Graham Destroys Eric Holder

YouTube - Lindsey Graham Destroys Eric Holder
How can Holder be unable to answer these simple questions? It seems that the Administration has not thought through any aspect of their decision to try enemy combatants in civilian court.

City Room™ - Business - Condo Owners Struggle to Salvage an Almost-Empty Building

City Room™ - Business - Condo Owners Struggle to Salvage an Almost-Empty Building This is the story that accompanies the WBEZ radio broadcast I just did with attorney Mark Pearlstein and Illinois State Representative Harry Osterman. There is also a link to the full story by Ashley Gross of this disastrous situation at the condo in question.

It is good to see that at least somebody is paying attention to this situation. I think the whole program was excellent, including the call from Brian White of the Lakeside Community Development Corporation, where they are trying to help out these associations and their owners. Listen to the whole thing and please comment.

WBEZ, 91.5 fm, chicago

I'll be on at 9am today, on the 8/48 show, talking about how the recession has hit condos and HOAs. Attorney Mark Pearlstein is scheduled to be there as well. It will be archived as a podcast and I'll link to it.

Fines for too-tall grass could rise to $1,000 a day in Jupiter

Fines for too-tall grass could rise to $1,000 a day in Jupiter: "JUPITER — An overgrown lawn could cost a homeowner $1,000 a day.

A plan to quadruple the penalty from the current maximum of $250 per day for a first violation is scheduled for consideration at Tuesday night's town council meeting.

A repeat violation by the same person would be boosted to $5,000 a day maximum from $500 per day."
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This is so outrageous even the HOAs are objecting to it.

The worst is yet to come: Unemployed Americans should hunker down for more job losses

The worst is yet to come: Unemployed Americans should hunker down for more job losses: "As a result of these terribly weak labor markets, we can expect weak recovery of consumption and economic growth; larger budget deficits; greater delinquencies in residential and commercial real estate and greater fall in home and commercial real estate prices; greater losses for banks and financial institutions on residential and commercial real estate mortgages, and in credit cards, auto loans and student loans and thus a greater rate of failures of banks; and greater protectionist pressures."
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Thus spake Nouriel Roubini, aka Dr. Doom.

Administration to Propose Federal Oversight of Subways, Report Says - FOXNews.com

Administration to Propose Federal Oversight of Subways, Report Says - FOXNews.com: "In the wake of last summer's deadly Metro crash in Washington, D.C., the Obama administration reportedly plans to propose that subway and light-rail systems across the country fall under federal oversight.

The pitch comes as the administration moves to increase regulation over the financial, auto, health care and industrial sectors."
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I keep hearing from leftists that the Obama administration is disappointing because they aren't going far enough to the left. How's this?