435 thousand home foreclosures in the first quarter of 07', one in five Americans are worried about paying...
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yes, it's a problem. and consumer debt has skyrocketed in the first quarter. eventually americans will stop spending money and the economy will take a hit.some respected economists have say a recession in 2007 is about 50-50.
We're perspective homebuyers and have been watching the housing prices intently. I'm glad to see they're finally dropping to realistic levels.
Yeah, with the DOW going sky high, what is the truth about home foreclosures, and one in five American being worried about paying up?
The Dow has very little to do with it. Many of these people allowed themselves to be duped into taking out sub-prime loans without reading the fine print.
Personal finances is personal responsibility. Live on what you make not what the credit card allows!!
Slate Magazine reported (June 13, 2003, Profile: George W. Bush, William Saletan and Avi Zenilman) that the president's net worth is between $9,634,088 - $26,593,000. With assets acquired at birth beyond most people's understanding, Bush's moving forward in finding meaning in his existence presents a clear and present danger to the United States and to the world. George W. Bush, like his father before him Herbert Walker Bush is wealth inherited. Their elite status and power separate them from working people struggling daily to make end meets. Their search for meaning is very different from the John and Jane Doe whose jobs they export overseas. The super rich are incapable of relating to what moving forward means for working people. Their disconnectedness and isolation from common people won't allow it. The cost of a gallon of milk or a loaf of bread is never a consideration for the ruling elite. Neither is paying the rent or medical care a problem. George W. Bush revealed his separation from working men and women in the following exchange on February 4, 2005 while promoting changes in Social Security in Omaha, Nebraska
MS. MORNIN: That's good, because I work three jobs and I feel like I contribute.
THE PRESIDENT: You work three jobs?
MS. MORNIN: Three jobs, yes.
THE PRESIDENT: Uniquely American, isn't it? I mean, that is fantastic that you're doing that. (Applause.) Get any sleep? (Laughter.)
Here is a great link about what people think about the Dow and it's new highs.
Really gives some good perspective.
http://news.blogs.nytimes.com/2007/04/26...
well thoughtout commentary...
Just because the DOW is high does not mean stocks have the same value as in the past. In fact the value is less than it has been in the past despite the raw number.
And Bush had nothing to do with it. Consider it your friendly neighborhood American citizen that put hundreds of thousands of their fellow citizens at risk of becoming homeless. This place is riddled with predators..mortgage predators, child predators, criminals of every variety and flavor. From the scumbags terrorizing our neighborhoods all the way to the top of corporate america, to our highest elected offices. What a wonderful place we have here. Thank God for the great citizen- friends we have.
Per-capita debt is up 100% in the last 10 years. Even adjusted for inflation that's 40-50%.
The admin has done it's job of recycling the money back to the public, by record spending. So the answer is some half-a55ed scheme to sell 'sub prime' mortgages to screw those whoes eyes exceeded their grasp.
It is too bad that so many people signed up for mortgages they cannot afford. You never sign a 30-year adjustable rate mortgage and expect your payments to stay the same. This is especially true when you sign the mortgage when interest rates are at an all-time low.
While first poster blames the victims I say we need to look at the rate of secondary mortgage business closures that coincides with the home forclosures, many people bought into rates they could afford on Adjustible APR's thanks to these shysters, now that the Adjustible APR's are rising it's causing higher forclosure rates. These borrowers were "SOLD" that the house they were getting was getting was affordable and on paper it looked like it was in thier budget, you'll find these consumers to have lower education levels and to generally be less sophisticated, so first off we had a false soaring economy since tricks like that led to economic numbers that were built off enron style accounting (hide the bad debt) and now we have record deficits and this news today,
WASHINGTON – Economic growth slowed to a near crawl of 1.3 percent in the first three months of 2007, the worst performance in four years. The main culprit: the housing slump.
The fresh reading on gross domestic product, released by the Commerce Department on Friday, was even weaker than the 2.5 percent growth rate logged in the final three months of last year. The new figures underscored just how much momentum the economy has been losing as it copes with the strain of the troubled housing market, which has made some businesses more cautious in their spending.
The first-quarter GDP figure was the weakest since a 1.2 percent pace registered in the opening quarter of 2003. GDP measures the value of all goods and services produced within the United States and is considered the best barometer of the country's economic fitness.
rates to curb inflation, also
well... it may get a little bumpy if we're not careful...
but see that's the thing... the more people spend, the more the economy grows, and Republicans go "YAY"... even if people are going into debt...
but then when people are in debt, due almost totally to businesses pushing excessive spending beyond any normal means, Republicans go "Why didn't you know better?"
it really seems they are making money off of a practice they don't approve of...
if people knew better, the dow would probably be at around 9k instead of 13k, and savings would be much higher than our debt levels...
I am old enough to remember when the man of the house had to be the only bread winner to purchase a house. Now the lenders count the wife/partner as income until the job goes bust for one or the other. My wife and I have been married close to 60 years this October, she worked in the beginning for about 4 months and got laid off. Has never worked since and we have raised 4 children. This you may not believe but I have never made over $9.67 per hour. We purchased our homes for what we could afford. We moved to Texas in 1982 and after renting for 3 years we found out we could buy a house and 5 acres of land for what we paid in rent. We purchase a manufactured house for $30,000 and the land for another $30,000 plus $5,000 for improvements, the house is a 3 bedroom,2 bath with 1700 sq. feet. It was appraised for
$149,000 last January when we did a refinance to get a fixed mortgage. What I'm saying is that you can get a very nice home for well under what the stick built houses are selling for. There is a new development just up the street where the houses will sell for $750,000 and up, this is what is on the advertisement at the development. You have to be able to live on one persons wages, the Man.
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