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BIDENOMICS: Home Foreclosures Rising Nationwide – By 50 Percent or More in Some States
Posted on 3/22/24 at 7:24 pm
Posted on 3/22/24 at 7:24 pm
Link to article…
In another sign that Biden is leading the country to ruin, home foreclosures are rising across the nation.
Some states are handling the problem better than others, which is to be expected, but the simple explanation for this is that more and more people are struggling to afford the cost of living. Biden is ruining people’s lives.
Does anyone remember this even being an issue under Trump?
In another sign that Biden is leading the country to ruin, home foreclosures are rising across the nation.
Some states are handling the problem better than others, which is to be expected, but the simple explanation for this is that more and more people are struggling to afford the cost of living. Biden is ruining people’s lives.
Does anyone remember this even being an issue under Trump?
14
Posted on 3/22/24 at 7:25 pm to Placekicker
No it wasn't. And things like this are all the more reason you dont want to shutdown the government and take attention off of these kinds of things.
This post was edited on 3/22/24 at 7:26 pm
Posted on 3/22/24 at 7:37 pm to Placekicker
If it's people who voted for Biden I'm fine with it.
Posted on 3/22/24 at 7:37 pm to Placekicker
quote:
Does anyone remember this even being an issue under Trump?
NO!
BUT, I can remember this exact scenario coming immediately after Joey Bidet's hero and mentor, O'BUNGhole, said "I DO".....
Posted on 3/22/24 at 9:08 pm to Placekicker
From ATTOM...
I think we may be seeing the start of consumers having tapped out their savings and now hit their credit limit before real wages could put them far enough ahead. Unless inflation starts coming down soon (and gets to at least the Fed target rate, if not below), these foreclosures are likely to continue rising. See also: bankruptcy filings
quote:
Foreclosure Market Report, which shows there were a total of 32,938 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – down 1 percent from last month but up 8 percent from a year ago.
quote:
Lenders repossessed 3,397 U.S. properties through completed foreclosures (REOs) in February 2024, down 14 percent from last month and 11 percent from a year ago.
States that had at least 50 or more REOs and that saw the greatest annual decrease in February 2024 included: Georgia (down 52 percent); New York (down 41 percent); North Carolina (down 34 percent); New Jersey (down 28 percent); and Maryland (down 26 percent).
Counter to the national trend, those states with at least 50 or more REOs that saw the greatest annual increase in February 2024 included: South Carolina (up 51 percent); Missouri (up 50 percent); Pennsylvania (up 46 percent); Texas (up 7 percent); and Indiana (up 0.8 percent).
Among the 224 metropolitan statistical areas with a population of at least 200,000, that saw the greatest number of REOs included: Chicago, IL (207 REOs); Philadelphia, PA (182 REOs); New York, NY (173 REOs); Pittsburgh, PA (105 REOs); and Detroit, MI (88 REOs).
quote:
Nationwide, one in every 4,279 housing units had a foreclosure filing in February 2024. States with the highest foreclosure rates were South Carolina (one in every 2,248 housing units with a foreclosure filing); Delaware (one in every 2,428 housing units); Florida (one in every 2,632 housing units); Ohio (one in every 2,828 housing units); and Connecticut (one in every 2,884 housing units).
quote:
Lenders started the foreclosure process on 22,575 U.S. properties in February 2024, up 4 percent from last month and up 11 percent from a year ago.
Those states that saw the greatest number of foreclosures starts in February 2024 included: Florida (2,732 foreclosure starts); California (2,730 foreclosure starts); Texas (2,694 foreclosure starts); New York (1,289 foreclosure starts); and Ohio (1,097 foreclosure starts).
I think we may be seeing the start of consumers having tapped out their savings and now hit their credit limit before real wages could put them far enough ahead. Unless inflation starts coming down soon (and gets to at least the Fed target rate, if not below), these foreclosures are likely to continue rising. See also: bankruptcy filings
Posted on 3/22/24 at 10:15 pm to YouKnowImRight
quote:
YouKnowImRight
I believe I found eye patch McCain....goodness dude should the Republicans not have any conservative principles? Or just keep letting the American dream die because of optics.
Posted on 3/22/24 at 10:24 pm to Placekicker
quote:
more people are struggling to afford the cost of living.
Turns out giving away free shite comes with a price.
So hey. Let’s give away more free shite!
Posted on 3/22/24 at 10:37 pm to Bard
quote:
States that had at least 50 or more REOs and that saw the greatest annual decrease in February 2024 included: Georgia (down 52 percent); New York (down 41 percent); North Carolina (down 34 percent); New Jersey (down 28 percent); and Maryland (down 26 percent).
Some of this has more to do with the state of the court systems dealing with foreclosures. I looked into foreclosure properties in NY a while back, and most of them took so long for the bank to repossess that they were eaten up with termites to the point that they were "knock downs."
Posted on 3/22/24 at 10:43 pm to Placekicker
The problem isn’t more so the price of the homes. It’s the interest rates that are making it unaffordable for a lot of people.
The high interest rates are a direct result of the government flooding the economy with too much cash.
The high interest rates are a direct result of the government flooding the economy with too much cash.
Posted on 3/22/24 at 10:46 pm to Placekicker
Well how do expect Black Rock to be able to buy homes?
It is all part of the plan, you will own nothing and be happy.
Illegals to take up anything available. Taxes out of control. Car prices and gasoline, food prices. Inflation to put the dagger in.
All part of the plan.
It is all part of the plan, you will own nothing and be happy.
Illegals to take up anything available. Taxes out of control. Car prices and gasoline, food prices. Inflation to put the dagger in.
All part of the plan.
Posted on 3/22/24 at 10:51 pm to Placekicker
quote:
In another sign that Biden is leading the country to ruin, home foreclosures are rising across the nation. Some states are handling the problem better than others, which is to be expected, but the simple explanation for this is that more and more people are struggling to afford the cost of living. Biden is ruining people’s lives. Does anyone remember this even being an issue under Trump?
The economy isn’t the place to attack Biden.
Home values is not a problem. No one believes home owners are in jeopardy. Too much equity has been made in the last four years.
Posted on 3/22/24 at 10:58 pm to Motownsix
Say what? The economy is not the place to attack Biden?
Food prices alone should be the deal breaker for this idiot in the White House.
The price of restoration on an old house of mine is double what it was before covid and this administration.
I still kick myself for not pulling the trigger on getting that house going then.
Food prices alone should be the deal breaker for this idiot in the White House.
The price of restoration on an old house of mine is double what it was before covid and this administration.
I still kick myself for not pulling the trigger on getting that house going then.
Posted on 3/22/24 at 11:29 pm to Placekicker
You're welcome America!
-Joe Biden
-Joe Biden
Posted on 3/23/24 at 7:02 am to Motownsix
quote:
Home values is not a problem. No one believes home owners are in jeopardy. Too much equity has been made in the last four years.
Equity can be wiped out if the demand drops and no one can afford the price.
This inflation is also killing homeowners in another way, insurance. Premiums have gotten out of hand especially in Louisiana. Insuring a home for nearly 30% more than the home's current market value. I get demo costs are included, but 30% more? It was the only number that worked for them and they were one of two companies willing to write the policy.
That is not including the 25% increase in the last 6 years of the home's market value.
We refinanced when the interest rates plummeted but our mortgage is now 37% more due to insurance alone.
Posted on 3/23/24 at 7:31 am to Motownsix
quote:
The economy isn’t the place to attack Biden.
Home values is not a problem. No one believes home owners are in jeopardy. Too much equity has been made in the last four years.
Explain to me how an adjustable rate mortgage below the prime with a lump sum "catch up" balloon payment on interest at the end of three years....."is building equity".
Posted on 3/23/24 at 7:36 am to Placekicker
quote:
n another sign that Biden is leading the country to ruin, home foreclosures are rising across the nation.
Joe Biden is an unmitigated disaster. We'll be lucky if this buffoon doesn't get us all killed in a nuclear conflagration. What a bloody mess.
Pride goeth before a fall - Proverbs 16:18
This post was edited on 3/23/24 at 9:01 am
Posted on 3/23/24 at 7:59 am to Placekicker
I have been in the foreclosure management business since 2009 and operate in 14 states currently. Things are actually as slow as they were during Covid but that's because there are some inventory and contract shifts happening right now. We are however seeing an uptick in certain states and areas of what we call initial secures which is when a house is vacant the bank changes one lock to maintain the house while it goes through the legal process. We are also seeing more evictions because people aren't leaving even after the sheriff's sale has passed.
Investors are still buying a lot of houses when they go REO or HUD takes them back from the bank via conveyance and sells them.
It will never be 2009 again with massive inventory but there will be an uptick. The Fed will not lower rates much if at all this year which will compound the issue and eventually smaller investors will stop buying and hedge funds don't want to have to remodel foreclosures unless they are in a newer subdivision. There will be a lot of foreclosure inventory this time next year if things stay like they are. We are in the very early stages of it but you can look at the data from the past 3 or 4 months and see a trend forming.
Investors are still buying a lot of houses when they go REO or HUD takes them back from the bank via conveyance and sells them.
It will never be 2009 again with massive inventory but there will be an uptick. The Fed will not lower rates much if at all this year which will compound the issue and eventually smaller investors will stop buying and hedge funds don't want to have to remodel foreclosures unless they are in a newer subdivision. There will be a lot of foreclosure inventory this time next year if things stay like they are. We are in the very early stages of it but you can look at the data from the past 3 or 4 months and see a trend forming.
Posted on 3/23/24 at 8:04 am to Motownsix
quote:
The economy isn’t the place to attack Biden.
Are you stupid?
quote:
Home values is not a problem. No one believes home owners are in jeopardy
Then you are a moron.
quote:
Too much equity has been made in the last four years.
Austin TX has lost all of that equity in the past 6 months. FL, CA, etc have all seen equity being wiped out. There is a major correction happening in several large metros. Just FYI, if you didn't live through 2007-08 as a RE investor/developer as I did, that correction too started in major metros that were once hot and saw obscene rise in values quickly.
Also, equity doesn't mean shite if you run into financial trouble and need to sell but people can't afford to buy your house due to rates and insurance costs.
Posted on 3/23/24 at 8:10 am to Placekicker
We need default rates for these numbers to be useful. Raw figures or percentage of houses isn’t useful. We don’t know how many mortgages are in those housing markets.
Posted on 3/23/24 at 8:18 am to Auburn1968
quote:
Some of this has more to do with the state of the court systems dealing with foreclosures.
Undoubtedly. The question is: how much? Not all states are the bureaucratic hellscapes of New York (NYC, more specifically). Along with that we've seen increasing consumer debt, shrinking personal savings and rising bankruptcies. That last point is still fairly low, but it has been continually growing since we came out of COVID.
All of these moving upward together is not the signature of a strong economy, despite what Wall Street is doing (which is my ultimate point).
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