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More Homeowners Going Into Default

Posted in H.L. News, Main Blog (All Posts) on October 20th, 2006 11:33 am by HL

More Homeowners Going Into Default

L.A. Times
Excerpt
The number of Californians who are significantly behind on their mortgage payments and at risk of losing their homes to foreclosure more than doubled in the three months ended Sept. 30, providing the latest evidence of trouble in the housing market, figures released Wednesday show.

Lenders sent out 26,705 default notices — the first step toward a foreclosure — during the July-to-September period, up from 12,606 during the same quarter in 2005, according to DataQuick Information Systems

H.L.s Take:
For years I wondered how the jobs market and economy went one way, (down) while the housing market went the other way (Up.) When the stock market goes down housing prices go up, and vice verca. Well the stock market is at an all time high. Of course it’s mostly millionaires that are making that money. For the people that are just trying to afford a home. Look out below.

8 Responses to “More Homeowners Going Into Default”

  1. Jennifer Says:

    Are you for real? The vast majority of the market is held in managed funds by middle class, middle-aged ordinary folk like myself, who work hard and put away all that we can because we know OASDI won’t be there for us. Don’t want it anyway. The reason that so many peolple are in mortgage default is because they were just plain ignorant and fell for interest only and adjustable rate mortgages, ignoring the fact that one day they were going to have to make a full-size payment. I have no sympathy. If they didn’t do a little bit of homework on the biggest financial investment most people make in their entire lives, they have gotten what they deserve. I lived through a foreclosure as a young child because my parents got in over their heads (and they still do manage their finances and live within their means) and it taught me a lot. I am thankful for that experience.

  2. Bill Says:

    Jennifer come on now that’s not the right way to look at it. They didn’t get in over their heads it is Bush’s fault for them loosing their houses didn’t you know that. Just ask any Lib or Dem and they will tell you. Better yet ask HL Bush cost him his nice job and benefits and all that right HL.
    It is all Bush’s fault because of his tax cut for the rich and all the other things he has done for the rich and big Corperations.

  3. lmz90028 Says:

    Actually it’s common knowledge that the “vast majority” of the wealth in American is concentrated in the hands of a small minority.

  4. Bill Says:

    That small minority earned it to. What the Dem’s and Lib’s don’t want to admit is that they have the same chances that that small minority had to get started and if you say you don’t than why don’t you explain to me why it is that there are more millionaires now than there were 20 years ago. Imz you can’t tell me that if you made as much money as some of the CEO’s that are out there that you would give back half your check to the government and be happy about it.

  5. lmz90028 Says:

    More millionaires now than 20 years ago…Bill, ever heard of a little thing called INFLATION. I guess not, or you wouldn’t have made that comment. Along with the high school civics reading you should be doing, why don’t you try some basic economic theory as well. 20 years ago attorneys starting at major firms pulled in $20k and thought that was a great salary. Now they pull in six figures. A million bucks now is still a lot, but it’s not what it used to be.

    Not too difficult to explain that Bill.

  6. Bill Says:

    Actually Imz if you had read anything about what you just wrote it would shock me. The only Lawyers that brought in a million or more work in the top 10 law firms in the US. The rest you can read.Experts say, and the experience of most of us confirms, that these largest law firms bear little resemblance to the average American law firm. USA Today quoted a professor at Loyola University Law School as saying, “The average (American) lawyer is working at a small firm making $60,000 to $100,000 a year. Even at large firms in (many) big cities, it’s $100,000 to $160,000 on average.”

    So please tell me who it is that needs to learn. As for people in sports, music, lottery, and lawsuit’s they only total 1%. There are 6,800,000 millionaires in the US and 271 billionaires. How many of them are from the .com. Now as for your reason being inflation maybe you would like to tell me how loss in purchasing power of a currency is going to make more people millionaires. When the US economy is up and yet we add 17000 millionaires per week. Lets see if the econoy is up, interest rates are down and employment is up than I would say that your Inflation theory doesn’t work. The dictionary difines inflation as an increase in the currency supply.

  7. HL Says:

    Bill Once again spewing S**t he knows nothing about.

  8. lmz90028 Says:

    Bill, duh, I said lawyers make six figures. How many figures are in a million?? I was just using that as an example of how salaries overall have increased with inflation, so to make a blanket statement that the economy is better now than it was in the past because we have more millionaires without taking into account inflation is something only a fool would be impressed by.