“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” – Thomas Jefferson
Poor Jefferson must be rolling over in his grave today one in 138 American homes (932,234) received a default or auction notice, or were repossessed by banks in the firs quarter of this year. That is an annualized pace of 3% of all homes (ie. one in 33), which means THIS YEAR, someone on your block is having their home taken from them…
Foreclosure filings in the U.S. rose 16 percent in the first quarter from a year earlier and bank seizures hit a record as lenders stepped up action against delinquent homeowners, according to RealtyTrac Inc. Unemployed and “underwater” homeowners, or those who owe more than their property is worth, are driving foreclosures. The U.S. jobless rate was 9.7 percent in March, unchanged for a third month, the Labor Department reported April 2. More than a fifth (20%!!!) of mortgaged homes were underwater in the fourth quarter, according to real estate data firm Zillow.com. Bank repossessions climbed to 257,944 in the quarter. Scheduled auctions totaled 369,491, also the most since RealtyTrac began releasing data.
Please read that again. 3% of the homes in America are being foreclosed on NOW. 20% of the homes in America are underwater, 10% of the population is unemployed, 25% of the population is “underemployed.” These numbers will not just go away because the S&P hits 1,200!
Foreclosure prevention efforts such as the U.S. Treasury’s Making Home Affordable Program may have “slowed down the normal foreclosure timeline,” James J. Saccacio, RealtyTrac’s chief executive officer, said in today’s report. The number of homes seized by lenders rose 35 percent from a year earlier, RealtyTrac said. Auctions increased 21 percent from the same period in 2009. Nevada has the worst rate in the nation with 1 in 33 homes gettiing a notice in Q1 – an annual rate of 12% of all homes – PER YEAR! This is exactly what Jefferson was worried about over 200 years ago…
IN…
