Home foreclosures are up, is Bush to blame?

Question:

They are now saying that next year foreclosures will be at an all time high. And its bush's Fault. What kind of idiocy is that. There are a number of reasons why, #1 we just went through 20 years of a mega housing boom, the last 10 years being phenomenal. It only makes sense that with the rise in home ownership eventually you would have a rise in forecloseurs. 2. Also, too many Americans bought houses they could not afford. Add on top of that all the debt they piled up buying even more stuff they could not afford, and you've got a recipe for a royal financial mess.

Answer:
It sounds like you answered your own question better than anyone else.

also, many homebuyers signed high-risk or adjustable-rate mortgages in order to 'afford' the payments. but when the piper comes calling, it's no longer affordable.

I don't think it is his fault at all. It is mortgage lenders out there getting people into houses with ARM and interest only loans. Some people want houses so bad they forget that these loans are not for the long haul only 2-5 yrs.
Just blame it on President Bush is easier to do then find the real problems.

Hardly.

The lending industry has created it's own demise with 100% financing for borrowers who lie about their income and take adjustables just to afford the payments.

Here is some additional info. Hope this helps.

Well I wouldn't say Bush is to blame. Not really, I mean I would blame him for the huge spike in oil, therefore the huge spike in home heating and gasoline bills. But not the foreclosure rate. People need to live within their means. If you can barely afford an interest only mortgage payment on your property, what makes you think you can afford to live there?

I will not lie and say that the mortgage lenders have not had a hand in this but there are many things that go into a foreclosure. Why would someone put anywhere from just the closing costs (5K-15K) to 20% of the value of a home down in cash just to go foreclosure within a year? I understand that things happen... death of spouse,layoffs, injury, illness w/o medical insurance, divorce.... maybe someone should look into how much these factors are on the rise as well. Some of those things I would blame Bush for... : )

Home foreclosures are up, is Bush to blame?

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