The Devaluing Of America

Housing Crisis Worsens

August 14. 2008

George Bush

Just when it appeared to some it couldn't get any worse, the U.S. mortgage crisis has reached new, unsafe territory. This month, a home in Detroit sold at auction for $1, costing the bank $10,000.

Homeowners continue to get into standoffs with the police when being evicted from foreclosed homes, many of which they lived in for years. It's not worth it, as it could cost you your life, which is worth far more than the house. Yes, it is unfair, but move forward and rebuild again.

Nancy Pelosi

Today, Realtytrac announced some troubling figures - there are 700,000 foreclosed bank owned homes for sale on the market in America.

The White House and Congress still have not done enough to stem this crisis, as it would be getting better not worse, if they had. I think it looks pretty bad on the White House and Congress when foreign sovereign funds are doing more in this crisis than they are. Nice work President Bush, not!

Foreclosure Of 88-Year-Old Leads to Police Standoff

SADDLE BROOK, N.J. -- Authorities said a son held Bergen County sheriff's officers at gunpoint as they tried to evict his 88-year-old mother from her foreclosed home.

Officials said John Brennan threatened two officers with a .22-caliber handgun.

http://www.wnbc.com

Foreclosure fallout: Houses go for a $1

DETROIT -- One dollar can get you a large soda at McDonald's, a used VHS movie at 7-Eleven or a house in Detroit.

The fact that a home on the city's east side was listed for $1 recently shows how depressed the real estate market has become in one of America's poorest big cities.

http://www.detnews.com

'Bloated inventory': RealtyTrac counts 750,000 foreclosed houses for sale

K4kzhcnc_2 The slumping real estate market is "bloated" with foreclosed houses for sale, with a total of 750,000 foreclosed houses for sale across America, RealtyTrac reported today. The real estate firm estimates that one out of every six houses for sale in America is a bank-owned foreclosure.

http://latimesblogs.latimes.com

Home foreclosure filings up 55 percent in July

Thu Aug 14, 2008 5:59am EDT - NEW YORK (Reuters) - U.S. foreclosure activity in July rose 55 percent from a year earlier as a slump in once-sizzling housing markets forced yet more borrowers to default on their mortgages, according to a monthly report.

Foreclosure filings -- default notices, auction sale notices and bank repossessions -- rose 8 percent from June and 55 percent from July 2007 to 272,171, according to RealtyTrac, which records property in various stages of foreclosure.

That means one in every 464 U.S. households received a foreclosure filing in July, the firm said. Bank repossessions (REOs) rose 184 percent year-over-year. Default notices were up 53 percent, and auction notices rose 11 percent.

"The sharp rise in REOs, combined with slow sales, has resulted in a bloated inventory of bank-owned properties for sale," James Saccacio, chief executive of Irvine, California-based RealtyTrac, said in a statement.

RealtyTrac now has more than 750,000 properties in its active REO database, or about 17 percent of the inventory of existing homes for sale reported in June by the National Association of Realtors, RealtyTrac said.

Among 230 metro areas tracked, Cape Coral-Fort Myers, Florida, registered the highest foreclosure rate. One in every 64 households there received a foreclosure filing last month, more than seven times the national average.

http://www.reuters.com