Holy Crap - 33%?
The number of homes hit with foreclosure filings in the Chicago metropolitan area last year spiked 33 percent from 2008 to 119,662, according to the latest report from RealtyTrac.
The report revealed a record 2.8 million homes hit nationwide.
One in every 31 homes in the Chicago area received a filing.
It sure looks like nothing is getting better. And won't be for some time.
Labels: we got nothing
posted by SCC at 12:03 AM
55 Comments:
1 in 80 properties in the state of Nevada is in foreclosure.
1 in 380 nationwide.
This is the decadence of America, you are watching the once great USA falter and die.
Get ready!
How's That Hope & Change working out for you?
All you people that fell for JoBama's BS get what you deserve.
Vote out all incumbents in 2010, 2012 and 2014.
In my neck of the woods, Hinsdale had 150 plus foreclosures. In Burr Ridge, there were close to sixty foreclosures. The mansions in these two towns are unsellable as real estate prices promise to plunge in 2010.
No more bullshitting around with the recession word: We are truly in a depression.
The worst has yet to come. I'm closing out my deferred comp accounts and IRAs and paying off the house. If China, who owns the most US bonds in the world, says, "Fuck you USA, we're dumping your worthless bonds", P.O.'s who have their money tied up in deferred comps safest fund (Bonds) will end up with zip.
By paying off the house, I may not have any money left, but I won't be homeless.
AWESOME MORE SECTION 8 IN MT GREENWOOD AND 16 DIST!LET ME OUTTA HERE!IM MOVIN TO DOLTON OR ROBBINS WHERE ITS SAFE!! CRIME IS DOWN 12%THERE! GET THE U HAUL HONEY!!
Gee, the Dummycrats make the banks give loans to people with bad credit and now this happens. WOW, what a shock.
it all boils down to GREED. all parties are guilty. like a pyramid scam or financial musical chairs....
SCC, are you fucking kidding me? How the hell do you think it will get better when you have every Democrat and news station (like there is a difference) telling people that it is not their fault they can not afford their hoes, it is the banks...Don't worry, Obama will bail you out. WTF!!!!
It is not a right to own a home. It is a privilege...Just like my parents told me about driving...I grew up poor. They would have never even told me that it was a privilege to own a home...they would have told me...If you work hard enough, for long enough, you may be able to afford a house of your own...
That has been lost in our society of "It is everyone else s fault."
No offense, but FUCK EVERYONE!!!
I am so sick of this socialist bullshit.
IT s not your right to free health care. You fucking get it anyway. The only people who pay for it are the tax payers and the people who are worried about their credit...As I was told in FELONY COURT at 26th street, "We no longer have debtors' prisons State, I will not lock him up for not paying." So much for court coast and fines....
It is all bullshit. The banks are culpable only because the Democraps would not allow the regulations that proposed by the fucking Republicans....Check the transcripts...Everyone from the Equal housing project, etc...lobbied for less restrictive guidelines...NOW EVERYONE IS FUCKED. I am in the mortgage industry as a side job. I can't qualify a person with 150K income because their house is no longer worth enough, when they paid twice as much 4 years ago and never missed a payment. Yet, I just got 3 separate mortgages through FHA (Remember FHA fees and MIP) for 1 family and 2 single people I would have never qualified myself....
This country is fucked.....And politicians are the reason for it....
You all suck..
Thats one home on every block
do you feel sorry for the individual who bought a home but knew they couldn't afford it... do you feel sorry for banks that were lending money to people who they knew would be to leveraged but made the loan anyway.... then the government steps in and helps out the people who made poor choices and what do they do for the people who have made good choices and were responsible---- why, they punish them by raising their taxes....
i don't understand...Obama has been in office for over a year?
Thank God the bailout money saved the little guy. Now the banks have all the money and 120,000 more homes in Chicago alone.
Nice job Barry! You saved the day...again.
West Lawn is loaded with foreclosed properties.Loans were given to people who did not qualify for them because of regulations established by Bill Clinton and the democratic congress. It's pretty much the same thing that HUD loans did to Englewood in the 60s.
"Vote out all incumbents in 2010, 2012 and 2014.
1/15/2010 12:07:00 AM"
you forgot about 2011.
How's That Hope & Change working out for you?
All you people that fell for JoBama's BS get what you deserve.
Vote out all incumbents in 2010, 2012 and 2014.
Well said.....
Toddler & Family still haven't spent all the money that pappa Stroger rat holed all those years he was da boss. Some actually believe that the stroger family thinks this hidden money now belongs to them.they've got cargo containers similar to what they used to ship USC (united states currency) to Iqaq.
These democrook Dynasty's have all the angles covered.
I commute 4 1/2+ hours each day, with an excellent professional background because they are no jobs in the city. Many other people are doing the same...
Obama, Daley, Quinn, etc are doing nothing to stimulate the economy
Don't worry barry sent 100 million+ to haiti,russia gave 2 million china gave 1.5 million! see the comparison! And they want us to donate more! fuck you "we" gave 100 million of "our money" thanks to barry who loves to give away "our"furure! Lets see 80% in poverty but like animals they keep breeding why?
Most if not all of these loans were written during a majority republican congress and the Bush term
Anonymous said...
Gee, the Dummycrats make the banks give loans to people with bad credit and now this happens. WOW, what a shock.
1/15/2010 12:21:00 AM
Sir, I am a republican and I hate to admit it but the truth is that the banks giving loans out to those with bad credit happened under our watch. Yep. It sucks and I don't understand why we have such financial scandals under Republican administrations. Last time before this was the savings and loans scandal. We need to get our shit together. Costing the American people trillions does nothing good for our message or party.
it all boils down to GREED. all parties are guilty. like a pyramid scam or financial musical chairs....
you nailed it.
It's because the banks were told (Clinton era) to start giving loans to everyone, even high risk. They did because they thought there would be more $ at the end of the rainbow for them.. Bottom line is, if you can't afford in the first place, don't buy it.
I absolutely REFUSE to lend anyone money, especially family, who says "I'LL pay a you back"...yea, with what, you have no money to begin with, when and how are you going to pay back? once you get screwed a few times, you come to your senses, not to lend anyone money who have no assets, no job, etc. If I had enough money to give away, I would, but I don't.
The banks gave away money to high-risk applicants and they got f*cked. Note that the small, independent banks, or banks that have only 4-5 locations, are still alive because they thought twice about giving high risk loans. The banks with 100 plus locations city and country-wide are the ones who took the bite. And those are the ones that the tax payers bailed out and those are the ones on the rise again who are upping the credit card fees and screwing the bill-paying consumer. It's all greed and stupidity and nothing else.
Did the lenders really expect the minimum wage earners to be able to pay those $2,000 & $3,000 a month mortgages !!! I remember the FHA loans of the 60's & 70's that destroyed many southside neighborhoods.
The worst has yet to come. I'm closing out my deferred comp accounts and IRAs and paying off the house. If China, who owns the most US bonds in the world, says, "Fuck you USA, we're dumping your worthless bonds", P.O.'s who have their money tied up in deferred comps safest fund (Bonds) will end up with zip.
By paying off the house, I may not have any money left, but I won't be homeless.
I tried to do that when Obama got elected(pull out of def comp) and I was told I couldn't.........anybody have any info as to how we pull out before we are of retirement age?
What you are going to see in the next 30-50 years is a reverse in how much we pay for everything. Everything is extremely over priced, gas, food, cars, salaries, etc. Everything will eventually be lowered as to what is affordable. That includes lower wages and salaries.
Round # 2 of the housing bubble will be starting in mid 2010. All the ARM loans that people took out to buy overpriced homes they couldn't afford will be resetting and adjusting upward. So now their house payments that they can't afford now will get more expensive. Just as they are getting laid off or accepting a pay cut to keep their jobs!
I have followed this crisis ever since it began at housingdoom.com
Do not forget property taxes increased 50%.
No one forced banks to loan money to people who could not afford them, the banks lied to people who could not afford a home by telling them they could afford one.
Buy this home, they said, and we will even give you this prime mortgage, your schools and neighborhoods will benefit from the increased revenue from the property taxes you will pay.
Then the prime mortgage balloooned to twice what they could pay, taxes increased 50% and the bank refused to enter mediation - therefore - records number of foreclosures.
Crime is not down - no one is reporting it and no one is taking reports..
Not reporting because no one will take a report...
The real estate market as well as the economy will get worse. A lot worse.
America is a country sinking with debt. Our debt to gdp ratio is the highest in history (higher than right before the Great Depression).
Forget all that the main stream media tells you, the "experts" say, etc.... on this economic crisis. Let's use some common sense, how long can a society (the government, businesses, and the citizenry/common people) live beyond their means?
1 in 80 properties in the state of Nevada is in foreclosure.
1 in 380 nationwide.
This is the decadence of America, you are watching the once great USA falter and die.
Get ready!
---------
I have heard it said that - I know it sounds strange - but low interest rates are one of the basic beliefs of the neo-conservatives.
I guess this is what low interest rates - and easy money - get's us.
Chalk another one up for the neo-cons ....
1 in 80 properties in the state of Nevada is in foreclosure.
1 in 380 nationwide.
This is the decadence of America, you are watching the once great USA falter and die.
Get ready!
----
1 in 380 nationwide - and 1 in 31 in Chicago"land"
We are truly of city of complete shit people are we not?
------
Hey Attorney General Eric Holder has called Americans "cowards" for fear of discussion race - let's break these stats down racially there Eric - then let's discuss - lest we become "cowards"
We are closing the gap on Detroit
Blame the liberal democrats for the state that this country is in....they only looked for the vote and gave away the country in return for it. Get smart people and vote these bastards out of office or I'm afraid we will not recognize our own country as we know it.
This is what happens when you let the irresponsible get loans they can't afford even if they were responsible and intended to make the payments.
Responsibility starts at home. If you don't let people fail, they will never learn. I've learned. I've learned to absolutely LOATHE people who use the system to their advantage. I hate them for using their race and background to get free stuff I pay for. I'm generally an outgoing, helpful person but I'll be goddamned if I ever help anyone like this again if I can help it.
I was at the unemployment office today to file for benefits for the first time in my life. I'm college-educated, and polite. I was in a room with a bunch of apathetic, hostile idiots who were accusing the speaker in our small briefing room of being haughty because, "she has a job and doesn't care about us." Wow, divided we fall, I guess.
wait.... banks and mortgage brokers do whatever they can to make profits, engage in risky derivative trading, and the depression is the fault of the bloke who doesn't understand the legalease?
some of those mortgages had language in them that made your rates go through the roof if you were late on any kind of payment, not just your mortgage. late on a credit card payment? you're a risk and your mortgage rate goes up by 10 points. real nice work there guys.
http://crisisofcredit.com/
... and last I recall it was GWB who started this billionaire bailout business.
Anonymous Anonymous said...
Most if not all of these loans were written during a majority republican congress and the Bush term
1/15/2010 12:56:00 PM
Nice try jagoff. The policies that started the ball rolling were instituted by Jimmy Carter, The Communiity Reinvestment Act. That bone smoker, Barney Frank was responsible for assuring us everything was ok with Fannie Mae and Freddie Mac lending policies, even when republicans tried to get closer oversight of both because of irregularities. You moron, if you have a job, pay your bills, and pay taxes, you ought to be fuming like the rest of us. So I suspect you are a no good piece of shit who takes from the system and never contributed into it.
OT: Please vote for James Patrick Doran, running for Judge in the third sub-circuit. Very Pro Police and 16 years as asst. attorney general. Brother and father are CCSPD. Punch #198 Thanks
The worst has yet to come. I'm closing out my deferred comp accounts and IRAs and paying off the house. If China, who owns the most US bonds in the world, says, "Fuck you USA, we're dumping your worthless bonds", P.O.'s who have their money tied up in deferred comps safest fund (Bonds) will end up with zip.
By paying off the house, I may not have any money left, but I won't be homeless.
1/15/2010 12:11:00 AM
Until the taxes get to $1300 a month. Then what. I would suggest sinking that money into something that will be worth something like ammo.
I knew somebody who was selling their condo. I asked about it because I was looking for a place to rent temporarily. It turns out that there were two mortgages on the place. One was for the down payment and the other for the rest. She put zero down and was granted both mortgages with only a three year job history. Not a bad credit history, but almost no credit history. If this is common, is anybody surprised people are walking away from their properties when the going gets rough? There was nothing invested in the place.
This is Chicago. We don't vote for anybody because someone "ask's us to". Give us some stuff. Do you have any stuff to give us? Let's see it first.
Dems, Republicans, they're all assholes.
Whats sad is you have to almost let your home go into foreclosure to take advantage of any of the systems' prgorams to help homeowners. All of us that struggle to work 3 and 4 jobs to make sure all of the bills are paid everyday and keep our credit score in the 700's! What the fuck, do they not think we are struggling also, beyond what most regualr citizens. I have worked a part time job since I came on this job and now I work 3. Not that I created any more bills besides the 2 kids I have, but everything went up. Absolutely everything. And the school system is a joke, so tuition is a must if I don't want my kid beat to hell and back. And oh wait, I can't get to him anyway because I am either on the beat car or at my part time. I love being a parent in Chicago on the police department! (Jfed and Mayor Daley, I was being sarcastic, fuck you, this city and this job)
Response to:
How's That Hope & Change working out for you?
All you people that fell for JoBama's BS get what you deserve.
If you want to disagree with the Obama policies going forward that's cool. But you can't really be blaming Obama for the wall street housing bubble? Really? You are blaming Obama for 8 years of wall street greed and excess? An argument like yours just makes you seem as best uninformed and at worse ignorant.
Anonymous said...
What you are going to see in the next 30-50 years is a reverse in how much we pay for everything. Everything is extremely over priced..
1/15/2010 03:12:00 PM
Nice to know I will have an inexpensive funeral......
Anonymous said...
.. you are watching the once great USA falter and die.
Get ready!
1/15/2010 12:05:00 AM
We had a pretty good run though.
Anonymous said...
I knew somebody who was selling their condo. I asked about it because I was looking for a place to rent temporarily. It turns out that there were two mortgages on the place. One was for the down payment and the other for the rest. She put zero down and was granted both mortgages with only a three year job history. Not a bad credit history, but almost no credit history. If this is common, is anybody surprised people are walking away from their properties when the going gets rough? There was nothing invested in the place.
1/16/2010 12:49:00 AM
**********************************
This is quite common and is at the crux of the mortgage problem. Lenders, at the behest of Freddie and Fannie who were enabled by a Democratic Congress, were encouraged to make loans to those who would normally have been unable to get a loan because they were high risk. In the past those folks either never got a mortgage loan, or waited until they had establised themselves as regular wage earners and good payers. The sad part is that because of the number of foreclosures on these loans we may never completely recover from this.
It is all bullshit. The banks are culpable only because the Democraps would not allow the regulations that proposed by the fucking Republicans....Check the transcripts...Everyone from the Equal housing project, etc...lobbied for less restrictive guidelines...NOW EVERYONE IS FUCKED.
Never let the truth get in the way of a good rant.
More restrictive financial regulations proposed by the Republicans? Yet another revisionist heard from.
Try reading some of former Sen. Phil Gramm's transcripts, the visionary whore who led the charge in 1999 to repeal Depression-era banking regulations with the Gramm-Leach-Bliley Act. Three years after this legislative triumph, Gramm settled into the private sector as a vice chairman of UBS’s new investment banking arm. UBS was (shockingly) a major beneficiary of Gramm's financial deregulation efforts.
Don't forget to read the transcript of Dr. Gramm's efforts with the Commodity Futures Modernization Act of 2000. Enron was very thankful.
This shitstorm has been decades in the making, and both political parties have done their worst at the behest of Wall Street.
Semper Fidelis.
Hell I know some p.o.'s houses in foreclosure.
"Barney Frank was responsible for assuring us everything was ok with Fannie Mae and Freddie Mac lending policies, even when republicans tried to get closer oversight of both because of irregularities."
One US Rep. is to blame for the Housing collapse?Closer oversight? Guess they weren't successful? Barney Frank must be the most powerful, persuasive Man in America? Wow,insightful.
So-called "main stream media" is completely bought and paid for by the demoncratic socialist party...don't bother to read any newspapers, except the Wall Street Journal for instance, in order to find out what's really going on in the world. Go to www.freerepublic.com, www.heritage.org., FOX news, Glenn Beck on WIND radio daily at 9:00AM and daily on FOX TV at 4:00Pm, Rush Limbaugh on WLS radio daily at 11AM, Mark Levin on WLS radio daily at 9:00PM, Bill Campbell on WLS on Sundays 9:00PM. There are other magazine/news outlets who give it to you straight listed on www.freerepublic.com..check it for the names. We are in the fight of lives to take back our country from the socialists in power and we need to read the truth of what is going on in this country...and not the fabrications, lies and distortions that you read in the state run newspapers.
When big bussiness took all the middle class jobs out of the country, what did you expect? Unemployment is hovering around 10%. As more people lose jobs, or go bankrupt, the forclosure rate will continue to rise. This goes beyond politics. If anyone thinks things would be different with the economy with McCain and Palin in charge think again. Goverment can't create jobs. For big bussiness it's more profitable to create those jobs in China or India rather than the U.S.
Steve G. Watkins for Judge of the 3rd SubCircuit Court. You guys, we have to start paying attention to who we vote for a lot more carefully. Look at the fucked up Ald. Beale and Ald. Sandy Jackson. Enough said! Steve G. Watkins is married to a Detective and has a long list of family ties to CPD. He helped 2 P.O.'s who were loosing their jobs recently and took no retainer or pay until they won their case. Thanks Steve!
The following is the only way I see the U.S.A. getting out of this financial mess. As radical as it sounds our government needs to tell China the communist country that holds a trillion dollars plus of our debt. Eat it! We aren't paying principal or interest period. Just as many countries we have lent billions too have done to us. Will we lose our stature as the country above all others in the inernational arena? Of course but who cares?
Our government needs to tell China, look we allowed you to sell all of your cheap practically slave made junk to our country for years, your poison toys food etc. We spent the money in WW II to save your country from Japan, hundreds of billions more rebuiding Europe so you could sell billions more of your junk there. The American people have opened our borders to the world and footed the bill for every major international crisis for 75 years. While your country works feverishly to steal our scientific,military,and all copyrighted intellectual property. So call it even or you won't be exporting anything else here period. What can they do? Nothing! It eliminates the deficit. We start fresh rebuilding our manufacturing base which will create 10's of millions of jobs.This is the only real way out of this mess and the only chance for our country to come out of this coma. Signed dumb but realist beat cop.
I am a police officer. I have a home with a 3500 a month mortgage. I only make 68000 a year. It was my fault that I took out a loan that was too big for me. However, I cannot let my family drown because I was wrong. So, I will be walking away from my home and filing bankruptcy. Maybe later, I can find a foreclosure for under 20,000 and start to rebuild my finances.
"Barney Frank was responsible for assuring us everything was ok with Fannie Mae and Freddie Mac lending policies, even when republicans tried to get closer oversight of both because of irregularities."
One US Rep. is to blame for the Housing collapse?Closer oversight? Guess they weren't successful? Barney Frank must be the most powerful, persuasive Man in America? Wow,insightful.
1/16/2010 12:36:00 PM
No , there were more involved , I only gave the Readers Digest version. Although I have noticed you didn't dispute what I posted , that is because you can't dispute it. Typical liberal, when faced with facts you attempt to ridicule. There is a saying, I don't remember exactly how it goes, "at first they ignore you, then they laugh at you, then they fight you, then you win" I think that applies here. The Socialist is going down.
"Signed dumb but realist beat cop.
1/17/2010 02:04:00 AM"
ditto that for all foreign held debt, including, but not limited to, debt secured by real property.
define 'foreign held debt' as all debt held by financial entities with more than 25% foreign investors, including, but not limited to, both public and private owned, and individual non-citizen owned.
investment instruments currently dependent upon revenue generated by the above debt will naturally move to native sources, ie., 'Invest In America' becoming not the oxymoron it currently is.
wipe all foreign ownership and foreign financial leverage off the books.
The banks were forced to lend money out to whoever!! Don't you people be fooled by that they didn't have to lend to a select few. In the Clinton's years, his administration passed several bills and told the banks that if they did not lend to everyone whjo wanted to buy a house, the government would take back their monies and give it through Fannie May and Freddie Mac. It was called "everyone is entitled to a home"!! So, keep telling all those Obama and democrat supporters that it wasn't Bush that cause this mess....it was their own. Sometimes all you socialist should look into the mirror and see what your shoveling out the to the hard working American people. Why is it the government's job to rescue those who can support themselves?! The less government we have the better we are off to succeed for ourselves!
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