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GSE Inventory Of Homes For Sales Surges, Home Prices Drop As Fannie, Freddie Sales Pick Up
As the administration continue to recreate the ponzi bubble using the very same criminal methods that reflated the first housing bubble, more and more homes are being handed back to the original mortgage lenders - Fannie and Freddie (which incidentally are all now owned by everyone in America, ever since the GSEs were nationalized by the US, after Barney Frank's experiment in the early 2000s went so wrong, it nearly cost the default of America. How that human is still allowed to draft law after corrupt and worthless law, is beyond us). And today we discover that at the end of June, Fannie and Freddie are now the proud owners of 191,000 homes (double what they owned at the end of 2009) and rising with each passing day. And shockingly, the GSEs have decided to do the prudent thing and start selling this real estate, before the plunges really plunge and leave them straddled with millions of homes. On the other hand, this action alone will likely be sufficient to force the next leg lower in home prices. Because it gets worse: "Once they take homes back, Fannie and Freddie must not only cover the
utility bills and property taxes, but they are also relying on thousands
of real-estate agents and contractors to rehabilitate homes, mow lawns
and clean pools. Fannie took a $13 billion charge during the second
quarter just on carrying costs for its properties." Yes, dear taxpayer, this is money out of your pocket being used to prevent a drop in home prices, so that instead of being able to afford a home at a much lower price, you need to use even more 101% LTV Fannie debt and bid it up at still astronomically high levels, even as Fannie and Freddie become ever more default, so that one day all taxpayers end up with a big fat donut once America's pomzy debt issuance appartus finally implodes.
More from the WSJ:
Two years after they were taken over by the federal government, Fannie Mae and Freddie Mac face a new challenge: The mortgage-finance giants are becoming two of the nation's largest home sellers at a time when the housing market shows new signs of softening.
Fannie and Freddie have already taken back nearly as many homes in the first half of the year as they did all of last year. They owned more than 191,000 homes at the end of June, double the year-earlier total. That number will grow because they are taking back homes faster than they sell them.
In recent weeks, Fannie Mae has warned that it could get tougher on lenders that are taking too long to reclaim homes once they have determined that the home is vacant or once they have exhausted foreclosure alternatives, such as modifications. Mortgage servicers, which collect fees from Fannie, could face fines if the process is unreasonably prolonged.
Fannie's recent reminder to banks signals a growing impatience with delays that have become "exaggerated and unmanageable," says Edward Delgado, a former Wells Fargo & Co. executive who is now chief executive of the Five Star Institute, a provider of training programs for mortgage professionals.
Fannie is effectively saying "we need to jumpstart the system. We need to be more expedient," Mr. Delgado says.
While it is expensive for Fannie and Freddie to hold on to more unsold homes, they nevertheless want to avoid costly delays. Attorneys' fees can pile up and vacant homes risk falling further into disrepair. Fannie issued the notice to remind servicers to "minimize processing delays," said a company spokeswoman.
Already, as borrowers fail to qualify for permanent modifications, newly initiated foreclosures at Fannie and Freddie have risen for three consecutive months to more than 150,000 in July, up nearly 60% from April, according to LPS Applied Analytics.
And for those curious about a true anecdote on home prices instead of Cramer's deluded rants, read on:
"One year ago, you couldn't even keep them on the market," says Brett Barry, a real-estate agent who sells foreclosed homes for Fannie Mae in Phoenix. "That's so done."
Fannie has reduced the price three times on a property at the end of East Phelps Road in suburban Phoenix, to $200,000 from $265,000 in early July. But, like many of Mr. Barry's bank-owned listings, the three-bedroom home has still received no offers. "They're definitely pushing the envelope on price," he says. "But they're doing it at the wrong time."
A Fannie Mae executive says the company is "very focused on positioning a property effectively" and that after a record-setting June, sales fell sharply in July before rebounding somewhat in August.
These are volatile markets," says Freddie's Mr. Bowden. "I can easily leave money on the table if I set value too low."
One thing is certain: as ever more homeowners decide that the net costs of renting are actually lower compared to prevalent still high purchase prices, and with banks still unwilling to lend, Fannie and Freddie's holding of real estate will continue to rise, as ever more real estate mortgages on the books of the big banks become increasingly more impaired in the purest definition of a toxic debt spiral.
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"How that human is still allowed to draft law after corrupt and worthless law, is beyond us"
what a benefit to be had if this problem alone was solved
votem out
Barney Frank is an indictment on the collective intelligence of Massachusetts.
who in their right mind can keep voting for him???????????
Are electronic voting machines used in Massachusetts?
Is that before or after it was discovered a gay prostitution service was being operated out of his home... or when he was caught at a drug dealers home during a police raid? Seriously, you can not make this shit up and yet he still is making laws, etc.
Ahem. I believe the gay prostitution ring was run out of his Congressional office? Not his home.
Ahh, thanks for the correction. Guess that makes it far worse!
welcome to irony, baby. "we make the laws so we can break your balls."
I am alaways amazed how the fuckers get re-elected time after time...
It's establishment HFT voting algos...
That was funny!
Barney is not just a pervert. He is a Jewish pervert. This makes the huge difference in Massachusetts.
Finally, an American electoral process is just a joke (from a democracy point of view). Only money can get someone elected. As of now, American people degraded to a point when they prefer to live on handouts and proudly kiss an ass of a giver of free goodes.
It's called GRAFT...............and his constituents that vote for him, are as CROOKED as he is............also, consider where he runs, and the state,and his voting base.Tells you all you need to know.
Reminds me of Marion Barry, former Mayor of D.C.
After corruption, drug charges, soliciting prostitutes, bribes, kickbacks - he was re-elected over and over.
Why? "Because he's one of us" was the answer; a majority of the city population identified with his choices.
This is not a stab at Barney Frank's homosexuality, rather, the electorate that keeps electing the corrupt slippery politician because it's "their" politician.
If the politician brings home the bacon, too many of the electorate are willing to sweep ethics and long term consequences under the rug for the short term pork and gravy.
Reference the majority of our Congress and career politicians; let's hope we can make it a part-time job for all of them.
Marion Barry did a lot less, and he finally paid..............a Ho,and some Blow.
Fwank is untouchable, he knows all the secrets of his party members.....
Can someone explain this to me?
"In recent weeks, Fannie Mae has warned that it could get tougher on lenders that are taking too long to reclaim homes once they have determined that the home is vacant or once they have exhausted foreclosure alternatives, such as modifications. Mortgage servicers, which collect fees from Fannie, could face fines if the process is unreasonably prolonged."
How can this be? If the GSE owns the paper, how can they get tougher on the servicer? Is the servicer on the hook for the house? My understanding was once sold to a GSE, their hands are washed
Perhaps they mean the servicer has to foreclose faster and take title back faster in order to remarket faster
That's what I thought but that would be counter logical to the GSE's? Are they in a hurry to take ownership of property that isn't moving?
That's true!
http://www.zerohedge.com/article/jpmorgan-brings-foreclosure-case-mortgage-which-it-was-just-servicer-court-finds-bank-commit?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+zerohedge/feed+(zero+hedge+-+on+a+long+enough+timeline,+the+survival+rate+for+everyone+drops+to+zero)It could be the fees paid to the servicer too. I would have thought taking the over priced asset back would be the worst of the two situations but who knows
Firesale Bitchez!
I think I saw this same article last year.
Depressing that things have not changed for the better yet...
The numbers don't add up. Maybe I should say they only make sense if Standard Government Billing Practices are being employed: $13Billion / 191,000 homes / 3 months in a quarter = $22,687 per house per month.
It's the gov't, numbers seem to make perfect sense to me.
looks like your typical scam again....billions skimmed off the top...lawyers, real estate pros, banker's fees and not least but probably totally unaware....the lawn and pool guys...they not being in the club...you know>
The numbers are legit, they just didn't mention that they are quoted in projected 2015 USD values.
come on, wake up
UAW workers mow the lawns of FNM/FRE's REO inventory. $70 per hour. 8 hour minimum. 5 mows per month. That alone is $2,800 per house per month for lawn mowing
The GSE is going to write down the loan was well as maintenance on REO.
So it's still shocking ... $60k average write down per house and then when they sell it for less than that ... another write down.
Well there's 12 fraudulant deeds and 16 fraudulant mortgages on those homes. You do understand that the banking industry will try to fractional reserve and counterfit anything and everything don't you?
"How that human is still allowed to draft law after corrupt and worthless law, is beyond us"
I'm gonna hazzard a guess that it takes more than one "corrupt" person is washington to pull this scheme off. And by the way, you're getting a little reckless with the terms "human" and "law"
Surely there's someone who can get close enough to Barney to get semen on their dress.
they're called "jeans" and they come and go.
Wouldn't Barney be the one in the dress?
Wow.
They should just give these houses out to the Unemployed. It will help them out AND they have time to mow lawns.
How do the unemployed pay taxes and untilities on the houses? Seriously have a one day national firesale auction, no reserve, everything must go!
Sunday, Sunday, Sunday...
Maybe they can get Truck-a-saurus to catch them on fire?
Give them to veterans.
Nah, that'd be to noble and reasonable.
Senator Simpson (a.k.a. King of the Douchebags) said the veterans are sucking us dry by continuing thier medical care for Agent Orange, Napalm, PTSD, and other 'made up' stuff. Of course, I'd love to take a crow bar to his temple...but...
It's one thing to be exposed to shit while conscripted... it's another to be a member of a volunteer army...
Awsome idea!
Have to be able to pay taxes, and utilities...........to do that, you must have job.
@Hedgefun
How about we set up RTC2 and sell the goddamn houses at whatever the market will pay? Oh wait, we can't do that, it would hurt the Big Banks and the real estate pro-fesh-uh-nuls. They have to eat too. No, instead the taxpayers will continue to get quarterly ass-rapings as Freddie and Fannie play this hide the weenie game in perpetuity.
Now if we could only get some massive force of nature to selectively destroy these vacant homes, those of us who are current would see our property values begin to creep back up. Plus, FNM and FRD could collect on the insurance, and make the taxpayer whole on our loans. Oh wait, Allstate, State Farm, and Farmers would go bankrupt to the tune of billions upon billions, and Uncle Scam would have to bail them all out with our money anyway. And the ponzi would continue. Well, I got nothing...
I actually think house demolition could be a growing phenomenon in the next few years. I wonder how much it costs to properly demolish a house vs. the carrying costs.
Many if not most new houses out here in Northern Ca. were slab, stick-built without basements. No asbestos in new materials so no abatement. Turn off utilities and start knocking them down. Mexican crews. Take 2-3 days and sprinkle grass seed when you're done. Jackhammering the slab would be a bitch. Need to have a recycle\trash plan.
Seriously.
Offshore reefs. Great for fishing.
Flint Michigan is scraping about 40% of the town - have to downsize the town so they can try to provide services like police, fire dept, etc
squirrels and rocky racoon live there now. they've got a law against making them homeless, too.
Slabs would be easy, 4"thick, and 6" at the load bearing beams...........small excavator, and it's done in an hour.
Load onto dum trucks, recycle , and go from there.
Most folks are not aware it's a 100x's easier to break into a brick home, than a wooden sided one.
A 12# sledge hammer, and I am in in less than 5 minutes.( if you wanted to).
Battery sawzall for wood.
Razor knife for vinyl siding.
8 lb sledge for rocks brick breaking.
Excuse me while I go puke.
why is there no revolt yet in the US?
The moment there is disruption in any government check, or payment there will be. Hell, shut off cable for a week and we'd have a new government.
+100.
Correct; or the oil supply. When they hit Tehran and the SPR kicks in, gas prices will double instantaneously and you will have troops in flak jackets at every pump. Then the game will be afoot. I am fairly confident this will occur in the next five years.
rumors to create and perpetuate uncertainty in the markets.... we will not be hitting iran. And the FED cannot fight gravity.
If these jokers F$$$ with my cable, I don't think I will be able to make it.
If these jokers F$$$ with my cable, I don't think I will be able to make it.
People do not revolt unless
Just look at Argentina. This is where America is going to.
With the infinite Fannie/Freddie bailout, this is a piecemeal federal bailout of state property taxes.
Hey, HEY, HEY! It's a god damn "conservatorship" and not...I repeat...NOT a "bailout"!
Got it??!!
Alright, now let's go buy up some shares of DR Horton and Simon Property Group, STAT!
My pants are off.
Postion assumed?
Commando?
Sounds to me like Fannie and Freddie are about to become the largest home rental firm in the nation.
Wages for lawn mowers frozen @ $35/hour, all unionized.
Call 1-800-Mow-Mentum for more information.
I think Bawney Fwank needs to be promoted from Congress to the FNMA lawn-mowing unit, mandatory 20 year assignment.
I think he already the leader of NAMBLA.
According to the chart the GSEs own close to 600K homes.
Yep, and the Gv't get's first shot at whether it wants to bid FIRST.
WHY,on God's green earth, would they want to own foreclosed homes, and KEEP them?.
Dig deep.
we are broke(n)
That was a good article.
The govt/fed solution to any financial problem is to inflate it away. They think this prevents depressions when it in fact just creates a bigger bubble that will have to be dealt with down the road.
They have been trying to prop up housing and stock prices and this just brings in more suckers into riskier assets.
I fear when the next crisis hits!
So, if I understand this post...and I think I do....you're saying it's time to buy some common equity shares of the home builders.
Right?
Yep, just heard that the USGVT, will own around 95% of all mortgages this year.
And, when their forelosed, they GET FIRST BID rights before anyone else on the properties.
This is flat out Nationalization of the industry.
IMHO
Settle down now.. All of our newely made legal Amigos will need affordable housing.
Exactly, they don't call it the Dream Act for nothing.
You mean FREE?.
When I have a Dream Act........it's wet.
Totally off topic somewhat... However, if the housing market collapes further this will be more on topic. Here's the latest headline for me.....
http://seekingalpha.com/article/225579-congressmen-weiner-and-waxman-set-gold-hearing?source=email.
They are knocking on the door....
These are volatile markets," says Freddie's Mr. Bowden. "I can easily leave money on the table if I set value too low."
That has to be the funniest thing I've read in days. Fannie now concerned about leaving taxpayer money on the table?
F and F need to throw in a deep discount Government Motors Volt with each repo home deal. That way they can consolidate the financing of two big mistakes into one packaged deal......it's called bundling.
Throw in homeowners/auto insurance from AIG for good measure.
I'd laugh, but I'm afraid it's a fairly accurate portrayal of the future.
Government Enterprise, your one stop "shopping" solution. No cash, no problem, just show your voter registration card at the DNA collection/RFID chipping booth for prompt service.
you mean you've never seen squirrels driving a Volt on their way to the ho-down at squirrel town? gotta do somethin' after gatherin' nuts all day.
Bulldozers 'R US...
Sounds like a joke although it's not. That's seriously the plan here in Detroit. They are going to turn the land into "urban farms" afterwards.
I shit you not...
We did it first in California...
http://abclocal.go.com/kabc/story?section=news/local/inland_empire&id=67...
They need to,have you seen these Crack Motels?.
Most have been stripped, and are nothing but Crack Houses..........
It's so crappy there, even the Transients left.
A home cannot get much cheaper than replacement cost for very long. A 2x4 is still $3.00 and a 12ft sheet of rock is still 11.00. You can't build a house for much cheaper than they are being built now at around 70 dollars a square turn key. Unless housing labor starts working for minimum wage, but why would they sweat the hard labor? At that price they will just go to work at Lowe's.
I do know that with 4million homes for sale and 12million coming we are looking at at least 10 years before the markets clears an homes appreciate again. On the coast I believe homes have some more room to fall. But for the Midwest and South? forget it. Replacement cost what props the bottom and interest will never get appreciably cheaper than now.
The problem lies in no one has 20% down and 25% of the people have credit ratings under 599. Not to mention another 20% is unemployed. 60% already own a home.
No folks, your home is now a giant boat anchor and money sink preventing your mobility for the large part of most peoples working lives; unlike 1930 when everyone took off in a model T across county to look for work.
"A home cannot get much cheaper than replacement cost for very long."
I don't think this is true. We overbuilt to a significant degree over the last 5-10 years, so houses could easily drop below replacement cost.
read again, I did not say prices could not go below replacement replacement cost but they will not stay for long. Long, being a relative term. I will say I don't think the problem is overbuilding, people need housing, as much as it is stagnant wages and people purchasing power have deteriorated and not kept up with inflation in building materials and land.Home ownership a tough row to hoe relative to wages and unattainable for some. Clinton, Robert Reich,and Greenspan's massive credit expansion to create false growth was a giant bust that merely papered over wage stagnation. Now the whole country is paying for it dearly.
In central valley where prices fell from $250/sqft to present value of $100/sqft, Pulte started building new 3000 sqft homes 5 months ago. What say you ?
Can't get cheaper than replacement cost? The house I grew up in was bought in 1952 for $6,000 and sold thirty years later... for $6,000. In many parts of the midwest and west, an older house sold for less than a good used car. The experience of the last ten years is the real outlier...
Wait a minute... The banking queen is a human? Who says so? Let's take a vote.
One problem with your analysis is one of your unstated assumptions about "replacement cost".
How much does a mobile home cost? Well, dump one on the 1/12 acre lots that are common today, and you'll see what homes can cost.
Then end the government-sponsored BLM practice of selling one square mile of land to developers for $1-million, who then slice it up into 2000+ lots plus roads (which works out to $500 each lot), then sell them to their customers for $100,000 ~ $400,000 each. This land belongs to the citizens, so giving 1/12 acre to 1/4 acre to americans for their home is totally appropriate. Now, how much does an "american home" cost?
Well, THAT is what american homes should cost... Oh, wait! Now that "american homes" costs less than 1/4 as much, most folks can pay cash from savings or borrow from [grand]-parents who have savings, and reduce the real total cost by another of 3x because of mortgage interest that they now never pay.
For that matter, since amercians supposedly ARE this country, as long as the 100% bogus federal reserve and fiat money exist, homeowners should be able to finance directly from the federal funds window like the international gangster-banksters do... which is less than 1/4% interest at the moment. Require a 25% down payment and the loan is more than secured by the property.
Fact is, if ALL the scams were removed from the system, american homes would cost less than 1/8 what they cost now, for a same-size/quality home (and less that 1/12 what the cost now for a prudent home). And THAT is a fact (one that I carefully researched and computed).
Ask yourself this. If the price of "american homes" was to drop from $200K to about $25K (the appropriate price), and virtually everyone purchased with cash (as would then be quite practical), what would happen to the economy of the USSA?
Think about it. How much money would folks to spend on goods to "stimulate the economy" if nobody had mortgage payments? The US economy would positively explode - in the positive sense.
I have come to the conclusion that there are no revolts because no one, in material numbers, gives a damn about much of anything.
Fleece them all; they deserve exactly what they're getting. Weak willed and weak minded sheep. I have no compasion or sympathy for any of them.
More power to the federal reserve. Let them create money out of thin air and bid up every asset class that has ever existed. My job is to find a way to profit from the ignorant and the lazy.
If this country wanted something different, it has the power to make it so. This country does not want something different, so really - Let Them Eat Cake. Let them sleep in the streets and starve. I personally no longer have the ability to give a damn about people who do not give a damn about themselves.
Will Rogers
The ignorant public is the core problem for the U.S. in regards to its corrupt political process.
TD,
Yes sir, and HOW did they get that way?.
Dumbed down, textbooks changed, no real history, no Civics classes, and for sure no mention of the Constitution, and all that goes with it.
Revisonist History...........Progressive style.
That just changed in Texas, the board that decides what goes in our texbooks, got a SERIOUS shot of real stuff,( Conservatives outnumbered the Left wingers) the beauty is, this will educate the kids to their TRUE History, and Responsibilities, plus the RIGHTS that go with the second.
You cannot exercise your rights, if you do not know WHAT they are.With Rights, comes responsibilities.
Also, and another BIG plus, is many, of the other states use the same textbooks that Texas does, because we ORDER so damned many.
So, hopefully (if we are around, there may be a turnaround).
And will these textbooks assess the scientific validity of creationism vs evolution....
Now you are thinking like a banker, No Mas...
No, it is most certainly not "okay", "right" or "ethical" to destroy the minority who are honest, who are ethical, who are productive, who are responsible.
The problem with supporting predators-gone-wild is exactly the current state of affairs... the worse the predator, the worse is life for everyone except the predators... including the minority of "good folks".
The $13B charge for carrying costs for those 191,000 homes comes to $68K per home? Huh? I'll mow all the lawns for that coin.
I was told there would be no math.
This reminds me of the S&L fiasco of the late '80s when the Mafia helped themselves to 30% of the money shoveled out to fix that mess. But this pile-o-cash is even bigger, thanks to Timmy G's Christmas eve gift of an unlimited credit line for Fannie and Freddie.
Scam on folks. Like those $1500 Medicare taxi rides, Uncle Sugar will now pay billions and billions for overpriced maintenance services and bogus fees associated with that gauzy term "carrying costs". Talk about economic stimulus! Is this a great country or what?
Is this a great country or what?
No.
There is a point at which the value of the product is less than the cost to maintain or use that product. From a business perspective you have to appreciate the difference, do you want to be the guy who makes a cell phone, or the guy who charges the subscription fee. (hint they give cell phones away). and housing is no different, a McMansion with a pool and a quarter acre or so of landscaping is a high maintenance property. There are also HOA fees, as well as property taxes which in some parts of the country have special provisions for things like schools. (We were going to go on sewer until we saw the cities five year planned rate hikes, 100% increase over five years. Thank you we'll keep that septic tank a while longer) And of course many of these mortgages have packaged in the property taxes, which makes unraveling these things at foreclosure a bit sticky. There are a lot of lien holders attached to that underwater mortgage.
question is, who is paying all these secondary claimants? Are we going to stiff the pool man (bad pun okay) the gardener, the school district, or do they all get paid. Imagine a world in which we are all domestic help for Lord Freddie and Lady Fannie.
Bingo, we have a winner. In whole categories of real estate, especially commercial, condos, and McMansions, the carrying cost exceeds any realistic value. They are worth nothing. Giving them away will be quite a trick.
Maybe we could hold a lottery. That's a great way to tax those who are bad at math.
The Weiner-Waxman bill is on the floor
and he used to be a pool man before he changed his name to Bill.
Print more! Print MOre!
We are the citizens and we want more! once more?
PRINT MORE!
I am serious here folks. If we can print up all this money, give it to the banks and get a dollar surging up towards the high heavens- then why can't we print up some money to help regular folks pay down there debt?
Why can't everyday Americans borrow from the FED window!?!
Seriously, I am thinking about leading some streets protests. TAke of my shirt, wrap it around my head like a head scarf, raise a machette in the air and charge!
I am very angry about not having "Equal Protection" under the US Constitution. That equal protection should be enough to GRANT me or anyone else, access the FED window. Got it?
Back to the MW playpen, BabyBop.
+1000
There are statistics and then there is reality.
DAVID GREENE, NPR host: She runs a program called Open Door in Bradenton. And when I met Martha Childress way back in early 2009, she told me that already she was getting four times the number of visits to her homeless center compared to just a year before that.
BLOCK: And that has gone up. She told me today that the number of visits has doubled since you met her. Last month, she had more than 150 new people show up at her center, and we're talking first-time visitors. She says they're people looking for help with all kinds of things.
Ms. MARTHA CHILDRESS (Executive Director, Open Door Day Resource Center): “Showers, clothing. If you're homeless, you don't have anywhere to get your mail. We help with legal IDs. Legal IDs have gone from $10 each to $25 each. You have to have those to work. I have a Jobs etc that comes there, Goodwill jobs comes in. We've got a bank of computers. We help people get ready for work.
______________________________________________________
The key to this response is that it shows who is paying for inflation. It’s not Warren Buffett, it’s these people who are homeless and have to have a legal ID. And why did it go from $10 to $ 25? Answer. It is unchecked Big Government – local to federal - that decides whatever it wants to charge and whatever it wants to do to people, backed by the full force of armed government, and, then, cooks the numbers. No longer have a car or driver’s license and want a legal ID so you can get work? Then it’s $25. Don’t have $25. Well, that’s too bad.
And if you try to take it, they’ll shoot you.
Here’s more of what this director of the Bradenton, Florida day center offering help to the homeless who "is seeing many more educated homeless people, and more women and children," had to say:
Fla. Homeless Shelter Taking in More Children | NPR transcript | Sept 17, 2010
MELISSA BLOCK, host:
So more than 14 percent of Americans are living in poverty as of 2009 -an increase of more than 1 percent from the year before. … Ms. Childress, who is coming in? If it's double the number that you told David about, about a year and a half ago, who are the folks coming in the door?
Ms. CHILDRESS: Well, I have what I'd call career homeless, and then lately, I have been having what I call new homeless. People who have worked all their lives, gone to school, done everything they have ever been told to make their lives successful and good to find themselves in foreclosure or out in the street. I see a whole lot of those people right now. And I know there's a lot more of them out there that I never do see because our society has taught them that usually it's just bums and alcoholics that are homeless. And so people that desperately need me to help them won't come because they're ashamed.
BLOCK: Are you seeing children, too?
Ms. CHILDRESS: Yes, ma'am. I used to see two or three children a month. Now, we see between 35 and 50 homeless children each month as new that belonged to new intakes - never before at the center.
BLOCK: Are you also finding that the folks who are coming in now have different needs maybe than the population before?
Ms. CHILDRESS: Oh, my goodness. We have such a shortage of places. They'd call me all the time. I've got two children, and I don't have any place to live, and the Salvation Army is full. Do you know where I can find shelter?
Emergency shelter is a problem. I can say to them I can give them a bath. I can give them a haircut. There's so many things that I can do for them. I have people call me now: My lights have been shut off, and all my food is going to spoil. I've got to get my children to school. Can you help me?
And if I don't have any money in that emergency fund to help that woman go pay her light bill, she's in a real bind...
BLOCK: I wonder as you look forward, Ms. Childress, do you see any hopeful signs? Are you seeing fewer foreclosure signs on houses and anything that gives you some hope that the numbers might start going the other way, fewer people coming for help? ...
Ms. CHILDRESS: ...Every now and then, I have somebody come in the door and go, I got a job. .. Well, I'm stuck in the middle of the fray. And I told my board of directors I said when you're up to your rear end in alligators it's hard to remember that your prime objective was to drain the swamp. And that's about where I'm at. I'm really caught up with the doing and the doing and the doing and the doing. And there's a lot of it to do. ...
http://www.npr.org/templates/story/story.php?storyId=129914149
What happened to their old IDs that they now need a new one?
Legal Id, I hope, thwarts the underground employment of an illegal workforce by an alien anti-American corporation cabal to swell its ill-gotten profits. Correct me if I am wrong. But I find it ironic that all the while the government preaches No Inflation, everything it touches, from ID fees to healthcare, is inflating at a lifestyle-crippling pace.
Anyone who lets his driver's license expire, even by just one day, must show proof of legal presence to renew, or receive a Legal ID, even if legal presence has been proven in the past. Legal presence requirements apply to U.S.citizens as well as foreign-born individuals. It affects teenagers applying for their learner's permit or first driver's license. It affects anyone who has just moved to a new state from another state or country. It affects senior citizens and anyone else applying for an ID card.
Also, persons who are authorized by the federal government to be present in the U.S. temporarily are issued limited duration driver's licenses or identification cards.
Get out your your wallets ladies and gentlemen and let the games begin! Who'll give me 5 give me 5 give me 5. Sold for 1.5 to the fat cat capitalist! This is going to be memorable!
Anyone else get that funny feeling reading this article? Like your at the top of a rollercoaster and its about to go down.....Just imagine what happens when the property taxes drop. What happens when the numbers start coming in worse (then they already have because what we are seeing now is the plunge protection team denial trade) and we do start getting fire sales...pensions still holding mbs? flash crash in housing anyone? Then the states can't collect property tax, the government definitly won't have any cash flow..Almost every monopoly gets some form of corporate welfare, that goes away..and basically financing in us dollars disappears...jobs? healthcare? 401k? ira? social security?house? POOF! up in smoke banking system locks up...any day now.
I agree, but have been waiting with this feeling like a year now. I don't see improvement in the economy, but the market goes up on whatever possible news.
Washington State is cutting 6% of its budget to meet mid-year revenue issues. Since the 6% is across 9 months, the article states that would be like a 9% equivalent budget cut. Not sure if that math works, but the cuts will hurt...
http://blog.thenewstribune.com/politics/
I have been waiting to buy a house for 2 freakin years and these clowns won't let the market fall so I won't buy. I look at houses and these boneheads want 40K more for their places than they paid in 2006, with an unemployement rate in our area of 16%. The best thing that could happen is mortgage rates goto 12%, prices drop 50% and my debt burden is easily affordable, until then , I sit.
Finally, a rational humanoid.
You are humanoind, aren't you?
DP
Create some let to own shells and transfer that crap with a variable final price so losses can be pushed further into the future while providing another stream of income to purchase even more mbs.
They've started kicking it down the road with Affordable Advantage. Get someone, anyone in a vacant home..
http://www.cnbc.com/id/39097208/Home_Ownership_Do_You_Really_Need_Skin_in_the_Game
Did you hear the news on what each NEW job cost in Stimulus money?.In Lost Anglese??
"I'm disappointed that we've only created or retained 55 jobs after receiving $111 million," says Wendy Greuel, the city's controller, while releasing an audit report.
"With our local unemployment rate over 12% we need to do a better job cutting red tape and putting Angelenos back to work,” she added.
According to the report, the Los Angeles Department of Public Works generated only 45.46 jobs (the fraction of a job created or retained correlates to the number of actual hours works) after receiving $70.65 million, while the target was 238 jobs.
Similarly, the city’s department of transportation, armed with a $40.8 million fund, created only 9 jobs in place of an expected 26 jobs.
Kinda BEYOND OUTRAGEOUS now, ain't it?
This can't be right. Cramer called the housing bottom in June 2009.
I found lots of interesting information here. I love zerohedge.
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