The number of homeowners facing foreclosure surged in March as lenders lifted temporary moratoriums and resumed legal actions against delinquent mortgage payers.
Foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 341,180 properties in March, 46% more than a year ago and 17% above February's total, RealtyTrac reports today.
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Banking recovery illusory or fleeting?
The supply of foreclosed homes & foreclosure properties will probably depress home prices more & negatively impact bank earnings as more house foreclosures are written off. If the banks lose more money we can say goodbye to the 25% gain in the stock market. Some are even saying that the stock market crash of 1929 will be considered a walk in the park to what we might face.
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General Growth Files Biggest U.S. Property Bankruptcy
April 16 (Bloomberg) -- General Growth Properties Inc. filed the biggest real estate bankruptcy in U.S. history after amassing $27 billion in debt during an acquisition spree that turned it into the second-largest shopping mall owner.
The owner of Boston’s Faneuil Hall and the South Street Seaport in New York City ended a seven-month effort today to refinance its debt. The company listed $29.5 billion in assets and debts of about $27.3 billion in the Chapter 11 filing. General Growth will continue operating its more than 200 properties.
Publicly disclosed statistics indicate the subprime loans issued in recent years will continue to default. Apparently the subprime payment resets, resulting in a grossly elevated monthly payment. This payment schedule has caused all the foreclosures. These loans will continue to reset for the next three years until cleared from the system through default. This problem is just developing now.
ReplyDeleteI will leave it up to your imagination to conclude what financial and societal upheaval this will cause when millions of homeowners are dislocated.
Most people will feel little remorse for those foolish enough to assume such loans. However, it is the federal and state governments assumption these dislocated citizens will cause civil unrest on a large scale. The military and law enforcemnt agencies are preparing to meet that challenge now through preparation.
...and according to Martin Armstrong there is NOTHING the government can do about the civil unrest that is about to occur. They can't do anything about interest rates either..
ReplyDeleteI do believe the elite behind the scenes want us to revolt here in America. This is why it is such a widespread theme right now. Having us revolt is the fastest way to martial law and a complete lock down of the American people.
ReplyDeleteIt's common knowledge with many of the people on the other side that in order to bring about their new age system, they must first destroy the old one which will be quite painful.
So they want a revolution, it gives them an excuse to bring in foreign troops to patrol American cities. Mr Russia and Mr China have no problems killing Americans.
You
Time to run to the hills.
ReplyDeleteLook to the past to see the future. All world powers have undergone growth and subsequent degradation cycles. Yes, all things are cyclical in nature. Everything. Just as this business cycle will continue.
ReplyDeleteSpain, Great Britain, Germany, the Roman Empire, and even the Islamic empire ruled supreme during periods over the previous 2000 years.
All these super powers experienced the cycle we are passing through now. They were also swept from prominence as part of the never ending cycle of the growth, maturing and decline of great powers.
Look to the past folks.