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RealtyTrac Reports Bank Repossessions Hit All TIme Record, As Foreclosures Resume Rise
Diana Olick was right - the home price double dip is not only here, it is getting worse. RealtyTrac reported overnight that general foreclosure activity (i.e., default notices, scheduled auctions and bank repossessions) — were reported on 338,836 properties in August, a 4 percent increase from the previous month. One in every 381 U.S. housing units received a foreclosure filing during the month. The spin is that this was a modest decline (5%) from August 2009, but represents another inflection point in a trend which up to now had been declining. “The trend lines of decreasing default notices and increasing bank repossessions converged in August, with virtually the same number of new default notices and bank repossessions for the month — a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers,” said James J. Saccacio, chief executive officer of RealtyTrac. “On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end the dammed-up inventory of properties already in foreclosure is moving to REO in steady stream rather than a flood — presumably to prevent further erosion of home prices.” Of course, banks are doing all in their power to prevent the realization by the consumer class of just how much lower home prices have still to go. Most notably, the bulk of the foreclosure action in August occurred in bank repossessions, which came at 95,364 U.S. properties in August, the highest monthly total in the history of the report and about 2 percent higher than the previous peak of 93,777 bank repossessions (REOs) in May 2010. August REO activity increased 3 percent from the previous month and was up 25 percent from August 2009 — the ninth straight month where REOs have increased on a year-over-year basis. In other news, we expect Jim Cramer to come out with another call, like his wrong summer 2009 pronouncement that the bottom of housing is here.
More from RealtyTrac:
Nevada, Florida, Arizona post top state foreclosure rates in August
Nevada continued to document the nation’s highest state foreclosure rate for the 44th straight month, with one in every 84 housing units receiving a foreclosure filing in August — 4.5 times the national average. Nevada maintained the nation’s highest state foreclosure rate despite a 25 percent year-over-year decrease in foreclosure activity in August — the 11th straight month where Nevada foreclosure activity has decreased on a year-over-year basis.
Florida foreclosure activity decreased on a year-over-year basis for the fifth straight month in August, but the state’s foreclosure rate still ranked second highest among all states. One in every 155 Florida housing units received a foreclosure filing in August — 2.5 times the national average.
One in every 165 Arizona housing units received a foreclosure filing in August, the nation’s third highest state foreclosure rate, and one in every 194 California housing units received a foreclosure filing in August, the nation’s fourth highest state foreclosure rate.
One in every 220 Idaho housing units received a foreclosure filing in August, the nation’s fifth highest state foreclosure rate. A total of 2,915 Idaho properties received a foreclosure filing in August, an increase of nearly 9 percent from the previous month and an increase of 11 percent from August 2009. Idaho was the only state with a top 5 foreclosure rate to document a year-over-year increase in foreclosure activity.
Other states with foreclosure rates ranking among the top 10 in August were Utah, Georgia, Michigan, Illinois and Hawaii.
Five states account for more than 50 percent of national total
California alone accounted for 20 percent of the national total in August, with 69,143 properties receiving a foreclosure filing during the month — a 3 percent increase from the previous month but a 25 percent decrease from August 2009.
Florida accounted for nearly 17 percent of the national total, with 56,877 properties receiving a foreclosure filing — a 10 percent increase from the previous month but a 9 percent decrease from August 2009. Florida default notices were down 46 percent from August 2009 but increased 2 percent from the previous month, ending five straight months of month-over-month decreases in Florida default notices.
Michigan, Illinois and Arizona each accounted for about 5 percent of the national total in August, with 17,764 Michigan properties receiving foreclosure filings, 16,808 Illinois properties receiving foreclosure filings, and 16,510 Arizona properties receiving foreclosure filings.
Other states with foreclosure activity totals among the nation’s 10 highest in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385), and Washington (6,760).
Metro foreclosure hot spots continue downward trend
All 10 metro areas with the nation’s highest foreclosure rates in August posted year-over-year decreases in foreclosure activity for the second month in a row.
The Las Vegas-Paradise, Nev., metro area documented the highest foreclosure rate among metropolitan areas with a population of 200,000 or more, with one in every 73 housing units receiving a foreclosure filing, despite a 25 percent decrease in foreclosure activity from August 2009.
Foreclosure activity in Modesto, Calif., decreased 10 percent from August 2009, but the city still documented the nation’s second highest metro foreclosure rate, with one in every 95 housing units receiving a foreclosure filing in August. Six other California metro areas had foreclosure rates ranking among the top 10: Stockton at No. 3 (one in every 100 housing units receiving a foreclosure filing); Merced at No. 6 (one in 111); Riverside-San Bernardino-Ontario at No. 7 (one in 113); Bakersfield at No. 8 (one in 120); Vallejo-Fairfield at No. 9 (one in 124); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 125).
Two Florida metro areas registered foreclosure rates among the top 10: Cape Coral-Fort Myers, Fla., at No. 3, with one in every 104 housing units receiving a foreclosure filing; and Miami-Fort Lauderdale-Pompano Beach at No. 5, with one in every 111 housing units receiving a foreclosure filing.
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sold to jim cramer
still hearing numerous stories of people who have not made a mortgage pymt in a year and still have not rec'd NOD
Defaulted mortgages as of July took an average 469 days to reach foreclosure, up from 319 days in January 2009.
people who stop paying their mortgage (and face no immediate consequence) are lured into a false sense of security. they have $ to spend on ipads, restaurants and retail while living in their home rent free. might explain the relative good #s in some retail
71% of GDP is consumer spending.
If people won't buy ipads and so on.... we would be in even more dipshit hole.
Paying mortage does not helps the economy, spending mortage on something esle at least creates some jobs. But than agian, in 2012 it won't matter right? Jesus Obama will unleash his rath at us , mortal humans.
Correct, paying mortgages just gives the bank back some paper. Does nothing to actually increase businesses, or spur anything
I thought I was the only one down here in the dipshit hole!
An economic "boom" that lived by housing will die by housing. Including all the little wonders that were spawned by leveraging out "equity" from the inflated housing prices.
I've had a number of clients who have been "waiting" for housing prices to get better. Mr. Negative, meaning me, has been telling them all spring and summer to sell now, to take any reasonable offer on the table and get out. Most of my clients own their homes free and clear or nearly so. I was advising them to sell now and to rent until the real bottom is found. Only then should they replace their home. That housing has another 20-30% to drop. Minimum!!
None took my advice (naturally) since Mr. Negative is too negative to be correct in the face of the MSM drone that all is well. I suspect a few will realize they made a mistake before it's too late. The rest will ride it all the way to the bottom.
Agree with you 100%, CD. I've been juggling that ball for quite a while wondering whether to sell or not. I'm not underwater, rather have JUST enough equity that I could firesale it and walk away if I decided to. (different scenario than your clients who own free and clear, I understand)
In my case, my mortgage is only a few dollars more than I would expect to be able to rent something similar. At this point I look at my house as more of a LONG ASS term lease, and expect no return.
If (when) things get bad enough, I will decide whether or not to leave the keys in the mailbox and go back to the family homestead, or to my cabin (owned). Just don't know what the Hell else to do. (throws up hands in disgust and walks away)
Same boat... at about 75% LTV... can firesale without hiccup... question is whether to take the equity and run or hang in there for a couple more years... my house note payment + PoA dues + Ins. + Taxes are collectively about 75% of what it would cost to rent comparable property...
Thinking about selling and buying a cheaper house, rolling over the equity, and paying it off in a couple years... it's a whole lot easier to manage bi-flation without any debt...
It's just such a bitch to sell and move. Bad enough when you buy another place, but finding a rental?? Fuck me.
And that's a big ole friggin IF I COULD SELL. I think I'd have to give away all my equity (based on the few similar sales locally) You just get into this, "why bother?" mentality.
The bottom line is that you have to live someplace. What you live in and where and how much you pay are the variables. I've concluded that I'll stay where I am. I have a good equity ratio (133K mtg/190K market value). Housing costs running about 35% of income. Renting the same house would cost me about the same as the ownership cost (gotta use PITI number and add maintenance, etc.). It really doesn't matter to me, therefore, what the housing market does. I will be concerned with property tax and home owner's insurance costs. I've gotten taxes lowered with just a phone call. I've lowered the insurance cost by removing the earthquake coverage (eff it if it splits in half due to a New Madrid Fault upheaval). I have a nice garden plot, fresh water less than 300 yards away, good neighbors, alert police force, and every retail store I could want within a half mile. Visibility for shooting at marauders is acceptable. Total square footage is 3,985 with a second level complete with its own fireplace, kitchen, HVAC system, and bath. I could rent that out in a second. Lots of factors considered here -- so here I stay.
I agree that one must see their house as a place to live, not as an appreciating (depreciating) investment or asset. Seen from that point of view, the numbers take on a different perspective.
With those clients I discuss above, they're looking to scale down since they're living in an empty nest that no longer suits their life style. Big houses, big yard etc. So for them, it makes sense to get out now. But all they see is all the money they "lost" because the real estate market is "down" (as in temporary) and they assume it will come back in a few years, those year having already passed.
Or should I say they want to believe things "will come back" and in some cases they add "just like stocks". I thought I did a good job educating my clients over the years, but it's impossible to fight the MSM drone and wishful thinking.
Give away your equity? You're not giving away anything. The money isn't yours unless and until you sell. This was part of the problem. People felt entitled to the equity as prices went up, even though it was only a paper gain. Thus, all of the people saying they were "extracting equity" when they took out HELOCs as if they were just withdrawing savings (money that they earned and put away) from their piggy banks. The money was not theirs, they were borrowing against their homes.
This is still part of the problem now with sellers feeling entitled to the artifically high prices reached during the housing bubble. Sellers don't want to lower their prices to meet reality because they feel like they are losing money; however, the money was never really theirs to begin with. It was only phantom equity based on fraudulent values set by loose lending and reckless borrowing. Those who are actually losing money -- i.e. those who overpaid during the bubble -- made a bad investment/purchase and should have to live with the consequences of their decisions.
I agree with what you're saying; let me rephrase.
Because I "have equity" I have the option to PERHAPS sell at a price which is essentially walking away. Because I didn't rob "equity" my monthly payment is low enough that I'm not liable to save any/much money by doing so. Factor in the pain in the ass, even though I AM FULLY AWARE that the value of my house is heading yet downward, I'm not sure that TO ME the effort is worth the gain. (Which was the entire point of the first post I made, which combined with my poor ability to phrase a thought and everyone elses zeal to start an argument, turned this into a completely OT debate)
You see the same mentality with people and their brokerage account statements. The high tick of their monthly statement is considered "their" money and woe be anyone who tells him or her it ain't coming back, at least for a while.
If it's on the statement, it is real. If it's on the house appraisal statement, it is real.
You missed one though. Whatever the county assessor says your house is worth, IS REAL.
Only for the timid and non confrontational. You need to make friends with an attorney. Nothing puckers governmental workers' asses like a call/letter from an attorney. Remember, their main goal is to figure out how not to work... sometimes they'll do more work trying not to work than if they had just done their job in the first place... but, in general, they perceive dealing with a lawyer as "work" and seek to avoid it at all costs.
This isn't just a game of strength, it's also a game of wits. You have to think like they do... squeaky wheel gets the oil.
How about giving up on the ridiculous notion that the house you live in is some type of investment? It was all a lie, sold to you, in the first place.
Here's an idea: How about you actually READ the comment in the first place? Phrases like "LONG ASS TERM LEASE" and "expect no return" might have already answered your snarky fucking question.
Secondly, since you care so much.... I didn't buy the house, I built it with my own two fucking hands, before the bubble was a bubble. This is what enables me to have the OPTION to sell it anyway.
Douche.
Some people read until they reach a word or phrase that triggers them. Then it's off to the races. Or should I say off to the "reply" button.
The biggest issue in my mind is that I ask myself, will I ever be able to sell the house for more than I can today? The answer under any plausible scenario is "absolutely not"...
The Colonel grunts in cynical agreement.
What you can sell it for is nearly irrelevant. Dollars will be variable. I don't much ask if I can sell a gold coin for more dollars than I paid for it. My house is no more an investment than my silver eagles. How many I have is more important than what I paid or what I can get.
So long as debt remains on it, the house is a personal liability. The more debt, the more future production I have to sacrifice to pay for it. Point being, selling at the top is universally a good idea... obviously transaction costs can kill you... but if I have the option of selling at the top and coming back in a while and buying cheaper (and having less debt), and my goal is to reduce debt, then why do I want to keep it?
The credit collapse has finally made everyone recognize the cost of depreciation in their toys (e.g. houses). Presuming uniform depreciation (functionality/status of the house, not necessarily price), why pay more for the house now? Why not stair step into the house with multiple smaller houses and a small debt load? If more expensive homes depreciate in price at a quicker rate, why hold a larger house now?
Why have debt that has no chance of producing income at this point in time? Seems crazy...
Why would someone who owns their home give a shit either way? They own it! It's not like they will be underwater if housing prices correct further downward. And renting anything usually sucks because now you have a landlord in the situation. So I wouldn't take your advice either!
For most of the clients that want to sell, they are older and are living in large empty nests that no longer suit their lifestyle. House and lawn are way too big now that the kids are gone. They want to down size to a smaller lower maintenance place where they can enjoy more of life and less of house.
They can stay where they are, but they don't wish to do so any longer. Yes, it's paid off (for the most part) and so as a house, they are fine. But the house demands a lot of them now that the kids aren't there to mow the lawns, repairs the fences etc.
CD, you hit it on the head. I have had several arguments about the housing bubble in Austin. Yes, prices are not as inflated in comparison to those in California, Nevada or Arizona, but it is still a bubble. Until good paying jobs return in droves to the region, no one is going to buy into the overpriced market. Housing prices are going to drop MINIMUM 10% in the Austin area. I think 20-30% is more appropriate though.
I am a renter by default after finishing my education 3 years ago and trapped in an unstable job market. In the long run, it is good not to get stuck in an overpriced house and become "house poor". I have all of the time in the world to wait for prices to drop.
Just wanted to insert a comment into the discussion high enough, but also where it might be a little appropriate.
IMHO, housing prices cannot decline 20-30% and the banking system survive. That is the point of all of the government intervention and bankster delays/machinations. HELOC's, still being carried on the books near book value - gone. Strategic defaults - stratospheric. CDS's, derivatives, MBS, etc., etc., all gone. It would be a calamity, and there cannot be an orderly price decline of that magnitude, again IMHO.
This is not to say the decline won't happen (I think it will), and the financial system should be saved (I don't think it should be). But the decline would not come smoothly, but in one giant gap down that will freeze commerce for a period of time. A complete shock/upending to the system.
The deflationary/hyper-inflation currency collapse discussed among these pages will ensue.
Go Silver!
"An economic "boom" that lived by housing will die by housing. Including all the little wonders that were spawned by leveraging out "equity" from the inflated housing prices."
A sword by any other name...
Q4 is going to be the nightmare. The banksters have no reason to negotiate nor hold back. When people see that number, their eyes will glaze over...
Wow. Almost freak-out. I thought you printed QE4. Whew.
Where is that report that said houses would bottom in 2013? I wonder of it wants to clarify that the bottom is zero after which time anyone can have a house for free.
the county will pay you take the house, so long as you agree to maintain it!
My dad has a friend who has lived in a $400,000+ house for the last 2 years without making a payment. Supposedly the bank told him that as long as he paid the taxes and kept it maintained they wouldn't foreclose.
Your dad's friend isn't alone... The big hiccup with holding shadow inventory for the banks is when a shadow property gets certified to its respective state for nonpayment of property taxes. If the bank does not remain vigilent, it can lose the property altogether when a third party purchases at tax sale and/or enough time goes by... further, many banks don't need to get into a pissing contest about the disposition (existence) of their mortgage documents... needless to say, they would rather avoid the headache... and, given they can't recognize the loss, will let fancy pants keep paying the taxes and keep up the place... also saves on depreciation/theft of fixtures, etc.
The longer they paint themselves into a corner, the fewer options they will leave themselves with. They are following an age old strategy. Do what everyone else (meaning the other banks) are doing. If it all goes to hell, at least they weren't the only one.
Insanity normalized.
Well ain't that just! And screw those of us who did not over-spend, over-buy! I hope those friends get their due when this thing finally gives way. They are no different than the banks!
I am amazed how many homes and condos are selling in my neighborhood all of a sudden. They are FL barrier island homes from 120 - 400 K. Many were on the market for almost a year. I assme most think they are getting the deal of the century considering what these homes were selling for in 2007. The same home inland in the wrong city is worth $hit.
IT'S ALL GOOD!
So, basically...DOW up 100 give or take a bit today then?
People need to come to terms with the fact that you can't sell your house right now. Period.
Absolute auction is your friend, just sold mine two days ago for only 8% less than what I paid for it back in 2006.
Anyone buying a house right now is seriously retarded. 8% less than bubble top? Why? Wait another few months you name your own price.
banksters face catch 22...
if they dump them on the REO they'll crash prices, then bargain hunters will step in and prices will begin to rise as the market clears, but it will spook the horses real bad
if they trickle them out, the market will possibly reach a lower price in the end and stay lower for longer as there wont be the psychological 'bargain-gotta buy' moment, but the herd will stay calm(er)
i reckon the integral of prices is higher if they dump, but i cant calculate what the knock on effects of another sudden 10-30% drop in prices would be
This is a perfect example of why price deflation needs to be embraced from the very start. Reality is always trying to correct. Instead we have severe problem not before seen in this country about to emerge which will make the home declines very sharp.
By jacking markets, offering record low rates, tax credits and creating temporary jon security by entering into debt the government just used responsible Americans for the benefit if banks. They created a false bottom by holding back inventory, playing home modification stall games, allowing Americans to stay in their homes for an extraordinary period of time and sucking the future by tricking thise with savings and jobs to buy home prices at what will come to be a top in home prices for a decade. Once those viable credit worth borrowers have been routed with freshly underwater homes and their credit worthiness vanishes we will see the 75% decline in homes I have been predicting.
Of course those holding cash, gold etc and standing pat will be able to purchase homes at their true bottom in 5+ years and we can rebuild a strong foundation.
What is so hard for them to understand?
Inflated home prices through ease of credit and irresponsibility created this disaster. Te difference was they were able to spin the wheels briefly because Americans had service jobs at the time and savings. Now we have had the greatest wealth destruction in history and no savings and immense debt more so than before and no jobs as no credit. They cannot force inflation and home prices up because like the banks profits they were all false and turned out to be debt. Easy stuff here.
Sorry, I'm too busy embracing entropy to begin embracing price deflation.
Sure! Look at what the FED has been doing for a couple years, gobbling up MBS's trillions worth to keep the banks balance sheets 'healthy'! Should have let prices drop at the bubble top but Nooooo got to perpetuate the Ponzi scam till the bitter end!!
Double dip isn't coming! It's HERE!
Wow, Fannie and Freddie are screwed........ohhh, that's us.
People should be able to live in their homes free until they can afford their payments.
why?
So says Carl Marks.
Why not? We elected our first communist president but he's acting like a banker.
Agree, the houses that bank reposses are the old once in majority, and new constructions houses are cheaper than those that repossesed.
Makes no sence to even put them on the market.
Here in florida ( miami area) majority of those houses that are repossessed should be complitely demolished. They are too old and bad.
He was kidding, you're not. Honeypot for kool-aid drinkers? *passes another glass to Picasso*
How many houses are going derelict?
whats the deflationary impact of the dereliction of a massive proportion of the us housing stock?
how many houses have to fall into the ground before the overhang is cleared?
how long does it take timber to rot?
a. 3 million
b. none, QE2
c. 18 million
d. depends on environment, desert slower, Seattle-warp speed
awesome assist cossack55 +1
How long does it take before debt default and the IMF steps in with the Bancor and you own NO property and its all a moot point anyway? Not long! Could be a few months, could be tomorrow, but 1 thing is certain its not a LONG time!
They said the banks aren't even sending out foreclosure notices as quickly so there are actually more In default than being reported. This is to try to stem the fall of housing prices even more. Banks don't want to hold a vacant houses because it costs them just to sit. No better time to be a deadbeat.
But i don't want to be a politician.
Read it -- and weep:
Collapse in Southern California home sales a sign that prices will fall in 2011? The 2005 and 2006 collapse in sales led to prices tanking in 2007. Home prices still inflated after years of bank and government intervention.RR
I'm still laughing to myself over your reply yesterday. I keep seeing raccoons wherever I look. :>)
by RockyRacoonon Wed, 09/15/2010 - 20:14
#584300
It was ME! And WE are coming to get YOU!
I don't know about you guys, but recently the airwaves in Houston have been flooded with Home Auction Commercials. The game is afoot!
I wouldnt even place a lowball bid on an auction house today! WHY buy ANYTHING when the gooberment is in certain default at some point? Makes no sense! Rent a piece of crap till the shit hits the fan, and then if you can DEFEND it, you can have whatever you want free!
I'm not trying to buy a house, on the contrary I'm expatriating. My expenses only equal 1/3 of my income. Live spartan, rent cheap, buy gold.
Cool, good plan. I was just sayin...who would be buying houses? Only people who dont realize the gravity of the present mess.
I was riding my mountain bike through a very upscale neighborhood on Sunday, $2+ million dollar homes easily in 2008 you'd need to get in a long line to be a buyer, now 'drastic price reduction' signs all over them! Even took pictures it was so bizarre.
is your mt bike full suspension? just curious high end neighborhoods can have steep and tricky tight turns in the road.
the sharks start attacking each other: FNM vs Banksters...
http://www.huffingtonpost.com/2010/09/15/fha-banks-share-fannie-freddie-...
Translation: pass the cost of FNM bailout to the stupid citizens via the banks.
With the change in jobless claims decreasing and foreclosures drastically rising(possible peak), does anyone see that a potential bottom may be coming? I'm sorry this site might be the wrong place for this sort of lunacy.
'Change in jobless claims and possible peak in foreclosures'? What? There are no jobs theres 20%+ unemployment and real estate valuations are super bubble still, FED refuses to let banks take a balance sheet hit. Dont you know whats actually coming? Debt default and IMF Bancor, .60 cents to the dollar and in a debt default, you own no property it goes to the world banks balance sheet. I think people are going to have a hard time wrapping their minds around whats actually coming soon.
How the fuck did you get from "debt default" to "you own no, property, peasant!"?
Why would anyone even consider buying a property with the coming debt default, IMF takeover and Bancor currency theyve already announced? You wont own any property, unless you can defend it yourself.
at least we can be fairly certain, given the inability of the ruling elite to understand the flaws in their model, that whatever NWO they attempt to install will be so unstable and based on so many false premises as to implode pretty quickly
this makes me feel all giddy and bullish (long term) we need mark to market, write offs and liquidations to free up consumer cash flow and get the housing market going again.
this is gonna hurt but remember when you were so smart because your housing investment was WAY up with no real effort.
This is not the new normal, the previous 6 years were paranormal. The sooner we get back to normal the better.
For all you paranoid deflationists. If we can isolate deflation to the housing sector, people will have more disposable cash flow to spend on IPads, etc.
That said, consumer debt is not the only debt problem. Government, corporate and underfunded pensions will all benefit if we inflate away the problems. Seems like a more likely outcome.
The more cash a bank gets, the more repossessions it can make...
+1
I would say it's a buyers market, if the banks stopped hiding the defaults and put the unit on the market, and actually offered loans to buy them with.
The banks will have to eat these losses, there is no way to avoid it, unless Helicopter Ben decides to buy them all out. If the tax payer ends up on the hook for all these losses, they might as well just give every adult a free home when they turn 18.
You are all over the ideological landscape. Pick a dogma and stick with it.
Heheh. The best ideas have no ideology attached to them.
Um, actually it looked you had all of them attached. :>)
I am living in an inherited foreclosure. Long story short, my dad died July 2009, with an upside-down mortgage courtesy of Countrywide. False appraisal, other major flaws in docs. 2 other sibs decided not worth mortgage payments, so, being single, I moved in. It's actually a nice house, great neighborhood, but needs much work. BofA foreclosed in March, last I've heard from them. Here in NY, plaintiff must file a RJI (Request for Judicial Intervention). Have not done that. Once that happens, 3-4 months to get assigned a judge, then another 4-8 months before mandatory conference which banks routinely skip or adjourn. If I ever get to that space, then comes motions, discovery, trial, another 6 mo to 2 years.
I figure the county will foreclose before the bank, so keeping my options open and saving. Agree that home prices are 25-35% above where one would consider then "affordable." Eventually, the bottom will fall out.
Sorry about your Pops.
Having said that . . . wow, nice living arrangement, 21st century squatter style! I'm just jealous, rent is 50% of my expenses. Why, oh why didn't I take out that 0% mortgage when I had a chance. . . .
Federal Program Edict # 10,900,882: Every American gets a house!! So says the almighty Big Federales! You get a house! You get a house! You get a house! Even your pet will get a house! There is no way this will fail! Do not worry how much this will cost you slaves, oh I mean tax payers. Remeber proles Debt is good,war is good,giving up your liberties for security is good!
It's my inalienable rights I'm more concerned with than any "liberties" the federal warlord deems fit to grace me with or to "take away".
The process starts with confusing the two.
correction inalienable rights. As its written so shall it be done!
I found lots of interesting information here. I love zerohedge.
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