Foreclosures up for first time in 27 months - Yahoo! News
NEW YORK (Reuters) - Foreclosure starts rose year-over-year in May for the first time in more than two years as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.
The $25 billion settlement between major banks and states, formally approved in April, had been expected to jump-start foreclosure proceedings that were previously stalled by uncertainty about the liability of banks.
Overall foreclosure activity, which includes default notices, scheduled auctions and bank repossessions, affected 205,990 properties in May, a 9.1 percent increase from April.
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Happy days are here again...for the banks.
2 comments:
The Independence Institute, self-described as "Colorado's Free Market Think Tank", is hosting an event to discuss the war on home ownership. Hint: HOAs are not the problem, because as the Independence Institute has pointed out, "Since HOAs are very local and small, participants are often neighbors and hence have incentive to settle disagreements in a civil manner."
From: Jon Caldara
Date: Thu, Jun 14, 2012 at 10:08 AM
Subject: Event: How Government Undermines Home Ownership
To: i2i newsletter
Please join us for a presentation and book signing with Cato
Institute and Independence Institute senior fellow Randal
O'Toole on Wednesday, June 20th.
The American dream of families owning their own homes has
become a victim of class warfare, with the middle class
attempting to suppress homeownership among the working
class and other people they view as undesirable neighbors.
Randal O'Toole will be discussing his latest book,
"American Nightmare: How Government Undermines the Dream of Home Ownership."
See more event details here.
Wednesday, June 20, 2012
Independence Institute's Meeting Room
727 E. 16th Avenue
Denver, Colorado 80203
5:30 PM Refreshments
6:00 PM Presentation
6:45 PM Book Signing
Please RSVP to Mary MacFarlane at 303-279-6536, ext. 102 or email Mary@i2i.org
I wonder if a large problem with the housing market is that we started thinking of homes more as "investments" rather than a place to live?
privatopia.blogspot.com/2011/10/romneys-foreclosure-plan-faster.html
Tuesday, October 18, 2011
Romney’s Foreclosure Plan: Faster Foreclosures
Saith Lord Romney: "ROMNEY: Are there things that you can do
to encourage housing. One is, don’t try and stop the
foreclosure process. Let it run its course and hit the bottom,
allow investors to buy homes, put renters in them, fix the
homes up and let it turn around and come back up. The Obama
Administration has slow-walked the foreclosure processes that
have long existed, and as a result we still have a foreclosure
overhang."
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Note that Lord Romney has not a word to say about the people
who bought and live in those homes with their spouses and
children. He is concerned about the Important People. That
would be the "investors." This guy has zero compassion.
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