Foreclosures May Hit 1.5 Million as U.S. Housing Bust Deepens

[OhioChick]

March 12 (Bloomberg) -- Hold on to your assets. The deepest housing decline in 16 years is about to get worse.

As many as 1.5 million more Americans may lose their homes, another 100,000 people in housing-related industries could be fired, and an estimated 100 additional subprime mortgage companies that lend money to people with bad or limited credit may go under, according to realtors, economists, analysts and a Federal Reserve governor. Financial stocks also could extend their declines over mortgage default worries.

The spring buying season, when more than half of all U.S. home sales are made, has been so disappointing that the National Association of Home Builders in Washington now expects purchases to fall for the sixth consecutive quarter after it predicted a gain just last month.

``The correction will last another year,'' said Mark Zandi, chief economist for Moody's Economy.com in West Chester, Pennsylvania.

A five-year housing boom that ended in 2006 expanded home- ownership to a record number of U.S. households. Now it has given way to mounting defaults, failing subprime mortgage companies and an increasing number of unsold homes.

http://www.bloomberg.com/apps/news?pid=20601087&sid=ahwzaBwuNaII&refer=home

[SpiralHawk]

1. Time to foreclose on this deadbeat liar bankrupter Skull & Boner republicon crony

BushCo and the republicons have disgraced the White House and
shamed America's formerly good name for honesty, integrity, and
high moral values. Republicons have brought shame on America
with their lies and consistently corrupt activities.

[Christa]

2. Previous owner to stay on as gardener

wife will cook for food.

[Gman]

3. I got out the calculator and

came up with $150 billion at an average value of $100,000. Then saw the article says $164 billion in property. That kind of money would run Iraq for 6 months. Or it could even pay for the first 6 weeks of a war with Iran.

[IWantAChange]

4. Who wont suffer? The 'haves' - geez, I wonder who their 'friend' is??

[slackmaster]

9. Speaking on behalf of some of the "haves"

The last housing decline and accompanying Savings and Loan debacle, 16 years ago, caused both me and my then-wife to lose our jobs (three times in her case). We were not able to buy our own home until we were in our late 30s, and suffered greatly at the whims of an asshole landlord as well as the abuses that were visited upon us by our corporate masters.

I'm now 49 years old, employed, and bought my house in San Diego at the end of 1994. It's worth about 4 times what I paid for it. The fact that I am in no danger of foreclosure is a function of the phase of life I'm in, my good credit, and my ability to stay employed and keep the bills paid. Young people, people with low income, and people with messed up credit always suffer most when there is a downturn.

I've paid more than my share of financial dues in life. I feel like I was cheated out on many years of home ownership that I should have been able to enjoy. I suffered enough in the early '90s (Reagan) recession, and the previous one in the early '80s that made it almost impossible for me as a young college graduate to get started in a decent career.

I resent the suggestion that my current situation in life is the result of anything other than my own hard work over a period of almost three decades. I've never felt like I had anyone working on my behalf in high places.

[Eurobabe]

12. Ditto here, we aren't millionaires either, just people who made smart

investments in real estate since 1995. Our money is all liquid right now, we almost bought a townhouse on the east coast, but my gut is telling me DON'T DO IT. I am afraid we will lose what we have sacrificed for -- and by sacrifice I mean moving around every 2-3 years for better employment and managing to hit the housing highs in the area just right to reap a little profit.

So I think I will pass on this housing market for awhile.

Slackmaster, you've earned every bit of your housing gain, just like we have. :hi:

[slackmaster]

13. Thanks - I'd like to mention other unintended consequences of the market

My house is worth about $700K now, and it's larger than I really need. But tax laws discourages me from trading down to something more manageable, and letting a family that needs 4 bedrooms take over.

My annual property tax is about $1,900 as capped by California's Proposition 13. If I were to sell now and reinvest in a house for $500K, my property tax bill will increase to $5,500 per year (1% of the sale price plus 10% in assorted voter-approved surcharges, mostly school bonds). Add to that capital gains tax on about $550,000, since I'm under 55 years old.

I love my home even though there isn't enough of me to take care of it while working. So I am basically forced to stay in it, and improve my standard of living through sweat equity. (I'm rewiring and remodeling the place myself over the years.)

So I'm living in a house that most young families would have no hope of being able to afford. I assure people who are frustrated by not being able to afford their own homes that was never my intent; I just wanted a place to live without a landlord. I had no control over the market conditions or tax laws that put me in this situation.

[Systematic Chaos]

5. If the MSM is willing to admit to 1.5 million foreclosures, 100k lost jobs, etc...

Then I think it is a safe bet that the real numbers will be far worse across the board. From my admittedly limited knowledge, other than the illegal invasion of Iraq the housing bubble pretty much was the US economy.

And then after the correction is through "in another year", what are we supposed to think? That we can magically snap our fingers and go back to the status quo? :eyes:

[MUAD_DIB]

8. Do you know what the MSM will say when the scat hits the fan?

I'll wager that it'll go like this:

"Clinton's Fault! Clinton's Fault!"

"But this collapse is no worse that the Dot-Bomb downturn under BILL CLINTON."

"Bush should get a pat on the back for keeping the economy humming along, but Bill Clinton...


How's that. That about what we can expect?

[Double T]

6. ....BUT what about the bush economic boom and his creation........

of millions of new (slave wage) manufacturing jobs (overseas) and the trickle down affect from tax cuts to the rich so that they would have extra money to invest in foreign corporations?!?!?!? Now I understand why uncle dick's Halliburton is moving their Headquarters to Dubai, UAE and the bush crime family is moving to their new secluded ranch in Paraguay; when bushco gets finished with America, there will be NOTHING left.

[fed-up]

7. here's numbers for Chico, CA

edited to add that when I listed my house last August there were about 500-600 homes listed, realtor told me normal amount would be about 100-150, I got lucky and mine sold in two months, many others are scr*wed, Now it seems that about 20% of homes for sale in my area are in some stage of foreclosure

http://www.realtytrac.com/freeSearchResult.asp

Butte County Foreclosure Search Results
Location: Home > CA > Butte County
Search Results: Foreclosures in Chico, ca
365 listings match your search criteria.

Pre-Foreclosure 47 Properties
Auction 19 Properties
Bank Owned 68 Properties
For Sale By Owner 1 Properties
Resale Homes 230 Properties
New Homes 0 Properties

http://www.harmonhomes.com/real-estate/foreclosure/California/city/Chico

Chico, California Foreclosure Properties
Browse: Homes For Sale | Foreclosures
State: CA | ALL
Area: Shasta/Lassen Surrounding Area | All
County: Butte | All
City: Chico | All
Price: Show All | $100,000 | $150,000 | $200,000 | $250,000 | $350,000 | $500,000 | $500,001+
Bedrooms: Show All | 1 | 1-2 | 3-5 | 5+
Baths: Show All | 1 | 1-2 | 3-5 | 5+
113 real estate listings and homes for sale.







http://www.foreclosures.com/Lists/ShowData.asp?q=1&kptd=1
Preforeclosures Stage 1 of the foreclosure process: The initial notice that the property is now in foreclosure for an unpaid secured lien or loan.
36 Matches Found. Try our Advanced Search Page.

Results for Butte County, California
See Nearby Areas
Select All | Clear Selections Results 1 - 20 of 36 Matches Found.


http://www.foreclosures.com/www/pages/PressInquiryListStats.asp

Statistics Report: Covering: Auctions
Disclaimer:
Current results below reflect our data through February 28, 2007. Last year's results reflect our data through March 31, 2006. New data for the Month is made available on the first business day of the following Month. Full Quarterly data will be available on the first business day of the following Quarter.

State Totals:
Breakdown by County:
Sort any column by clicking on its header.

County Q1 2006 Q1 2007 Change
State Totals 45 50 5 11 %
Butte 45 50 5 11 %


http://www.foreclosures.com/www/pages/PressInquiryListStats.asp
Statistics Report: Covering: REOs / Bank Owned
Disclaimer:
Current results below reflect our data through February 28, 2007. Last year's results reflect our data through March 31, 2006. New data for the Month is made available on the first business day of the following Month. Full Quarterly data will be available on the first business day of the following Quarter.

State Totals:
Breakdown by County:
Sort any column by clicking on its header.

County Q1 2006 Q1 2007 Change
State Totals 1,432 6,439 5,007 350 %
Alameda 43 169 126 293 %
Amador 4 5 1 25 %
Butte 9 7 -2 -22 %
Calaveras 5 9 4 80 %
Colusa N/A 1 N/A
Contra Costa 49 275 226 461 %
Del Norte 1 2 1 100 %
El Dorado 10 48 38 380 %
Fresno 29 135 106 366 %
Glenn 1 0 -1 -100 %
Humboldt 4 3 -1 -25 %
Imperial 8 2 -6 -75 %
Inyo N/A 1 N/A
Kern 35 166 131 374 %
Kings 12 16 4 33 %
Lake 31 25 -6 -19 %
Lassen 1 4 3 300 %
Los Angeles 236 1,084 848 359 %
Madera 3 18 15 500 %
Marin 4 17 13 325 %
Mariposa 2 1 -1 -50 %
Mendocino 3 7 4 133 %
Merced 8 69 61 763 %
Mono N/A 1 N/A
Monterey 8 49 41 513 %
Napa N/A 16 N/A
Nevada 12 18 6 50 %
Orange 80 280 200 250 %
Placer 15 96 81 540 %
Plumas 1 3 2 200 %
Riverside 182 853 671 369 %
Sacramento 103 652 549 533 %
San Benito 1 12 11 1,100 %
San Bernardino 109 510 401 368 %
San Diego 204 797 593 291 %
San Francisco 4 19 15 375 %
San Joaquin 42 223 181 431 %
San Luis Obispo 3 21 18 600 %
San Mateo 9 44 35 389 %
Santa Barbara 8 59 51 638 %
Santa Clara 38 98 60 158 %
Santa Cruz 4 14 10 250 %
Shasta 5 14 9 180 %
Siskiyou N/A 3 N/A
Solano 19 132 113 595 %
Sonoma 13 57 44 339 %
Stanislaus 20 143 123 615 %
Sutter 3 28 25 833 %
Tehama 4 11 7 175 %
Tulare 22 51 29 132 %
Tuolumne 2 5 3 150 %
Ventura 16 112 96 600 %
Yolo 4 24 20 500 %
Yuba 3 30 27 900 %

[earth mom]

10. Considering that all that home equity has been what's keeping the economy going...

Hold on to your seats folks, it's going to be a bumpy ride! :scared:

[roamer65]

11. Go check rawstory.com

They have cutoff credit to the 2nd largest subprime lender.

http://rawstory.com/news/afp/US_mortgage_lender_loses_credit_spa_03122007.html