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Here is your open thread for the mid-week on November 14th, 2012. You may post random links and off-topic discussions here. Also, if you have an idea or a topic you’d like to see covered in an article, please make it known.
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After foreclosure, families take a decade or more to buy another house
http://www.washingtonpost.com/blogs/wonkblog/files/2012/11/mortgagedelinquency.jpg
The collapse of the housing market in 2008 brought a huge increase in home delinquencies and foreclosures. By the first quarter of 2010, the Fed found that the mortgage delinquency rate had topped 11 percent, the highest figure on record and over five times the 2 percent rate three years previously.
http://www.washingtonpost.com/blogs/wonkblog/wp/2012/11/14/study-after-foreclosure-families-take-a-decade-or-more-to-buy-another-house/?wprss=rss_business
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RE: Pegasus @ 1 –
No Problem Pegasus
We’ll insource MASSES of brand new home buyers from abroad, that should get the bubble back up going again. See, problem solved, ask FOX News.
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October 2012 Foreclosure Starts
Washington State 2,381 Up 163% from Oct. 2011
http://www.realtytrac.com/content/foreclosure-market-report/foreclosure-activity-increased-3-percent-in-october-7474?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+foreclosure-market-report-rss-feed+%28RealtyTrac+Foreclosure+Market+Report%29
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By softwarengineer @ 2:
I think you should cite to MSNBC there. That would be more appropriate.
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RE: Pegasus @ 3 – I’ve given up on MOM and YOY foreclosure stats meaning much, because of the legislative and other legal changes affecting volume. But here’s another article on that indicating that things are roughly twice as bad on a per household basis in Snohomish and Pierce as King County.
http://www.seattlepi.com/realestate/article/October-foreclosures-up-from-last-year-down-from-4038505.php
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By Kary L. Krismer @ 5:
I should probably expand on that a bit. By changes I’m not talking only of Washington state. I’m fairly certain that many of the entities involved in processing foreclosures operate in more than one state. In Oregon non-judicial foreclosures are severely limited by that state’s MERS decision, so it’s not entirely inconceivable that some resources which would be ordinarily used to process Oregon foreclosures would be used instead on Washington foreclosures.
Changing track a bit, it could also be market related. Right now we have an extreme shortage of listings, including REO listings. It’s not inconceivable that would cause the banks to process more foreclosures up here.
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RE: Kary L. Krismer @ 4 –
Actually Kary
FOX and the Republican leaders have switched over to supporting amnesty overpopulation or Immigration Reform [same thing]…they allege Obama won the election that way. To be honest Kary, there’s no such thing as a conservative or liberal anymore….just Facist foreign/corporate campaign funders to our $6 billion dollar presidential election and candidate selections.
At least Obama stated he was against corporate campaign funding voted in by the Supreme Court in 2010. Is he, a lion’s share of his campaign loot came from foreign sources?
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RE: Kary L. Krismer @ 5 – October’s number puts us at about number two or three out of fifty on a per capita basis for foreclosure starts.
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The current selloff of income stocks is a great opportunity.
Watch, wait and then strike.
The new normal dictates that assets can lose value farther & quicker than you ever imagined.
Fate favors the bold.
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RE: softwarengineer @ 7 – Please step away from the keyboard. The agents are here to assist you. This small implant that will re-adjust your outlook. Cranial boring drill, please. Please hold still. This will only take a few minutes.
http://biomedicalephemera.tumblr.com/post/12890373582/cranial-boring-tools-for-the-relief-of-pressure
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RE: softwarengineer @ 7 – I think the federal government should run all elections. Just a machine to thank us for our vote and to tell us who our leaders are and what the laws are.
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RE: Blurtman @ 11 –
I Have a Friend Who is a Blue Dog Democrat
He supports amnesty Immigration Reform; when Barbara Jordan (D) [an African American BTW]headed the early 90s bills and committees to fight amnesty….they were vehemently fighting the Republicans then who wanted no enforcement of immigration laws against employers after Reagan’s amnesty.
What happenned? The Democrats left SWE and fought for the WTO [remember Clinton and the late 90s Battle in Seattle], I didn’t leave them.
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Great Bernanke quote: “The Federal Reserve will continue to do what we can to support the housing recovery, both through our monetary policy and our regulatory and supervisory actions. But, as I have discussed, not all of the responsibility lies with the government; households, the financial services industry, and those in the nonprofit sector must play their part as well. ”
http://www.federalreserve.gov/newsevents/speech/bernanke20121115a.htm
I’m curious what he thinks “households” should be doing to facilitate the housing “recovery” – not revolting? Buying a vacation property?
Also great how he blames banks for tightening their lending standards post 2007.
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Oregon goes after MERS:
“Emotional testimony from people who recently lost houses through bank foreclosures punctuated a meeting Thursday, during which Multnomah County’s commissioners voted to proceed with a lawsuit against a mortgage giant linked to countless foreclosures nationally.
The lawsuit, expected to be filed within weeks in Multnomah County Circuit Court, will seek damages for allegedly unpaid document-recording fees from Mortgage Electronic Registration Systems, or MERS.”
http://www.oregonlive.com/portland/index.ssf/2012/11/multnomah_county_authorizes_la.html#incart_river
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RE: ChrisM @ 14 – Other than the recording fees, which apparently are required by Oregon law, I wonder what the damages would be in most cases?
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RE: ChrisM @ 13 – Geithner said that the NY Fed does not perform a regulatory role.
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*Very* obscure post, but the Ghlbli Studio anime Pom Poko features real estate agents, especially at 1:42:50: “Some raccoons sold Real Estate, and, unable to resist the money they could make, promoted levelling even more forests.”
This is from the Disney translation. Purists may disagree.
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