Bush claims to have record breaking home ownership...yet foreclosures are thru the roof?

Question

He says the economy is good and he DID cut taxes.


So what's the deal?

"This also marks a 39 percent increase in foreclosure activity compared to the same quarter last year. Foreclosure activity in September 2006 remained relatively strong with an estimated 103,000 properties entering some stage of the foreclosure process during the 30 day period. And while this represents a dip of about 10 percent in foreclosure activity compared with a near record previous month in August, it represents a 51 percent increase in foreclosure activity compared to September 2005. September figures, along with figures from the third quarter, show one new property entering some stage of the foreclosure process for every 1,122 U.S. households.

Top Five States Represent 66 Percent of Foreclosure Activity

Five states — Florida, California, Michigan, Texas and Colorado accounted for an estimated 66 percent of September's foreclosure filing activity."

FORECLOSURES SURPASS 1 MILLION MARK IN OCTOBER
By RealtyTrac Staff

Foreclosure Filings Increase 3 Percent From September, 42 Percent From October 2005

IRVINE, Calif. – Nov. 17, 2006 – RealtyTrac® (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, today released its October 2006 U.S. Foreclosure Market Report, which shows that 115,568 properties nationwide entered some stage of foreclosure during the month, an increase of 3 percent from the previous month and an increase of 42 percent from October 2005. The report also shows a national foreclosure rate of one new foreclosure filing for every 1,001 U.S. households, the second highest monthly foreclosure rate reported so far this year.


RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties.

Answer 1

http://globaleconomicanalysis.blogspot.com/2006/05/greenspan-predicts-housing-bust.html

Who needs a link to verify when you can just look down your street at the for sale sign?

The housing bubble is busting due to the finacial change in lending agreements enacted by who else--our worst ever GW. When lenders are allowed to lend money to anyone and there brother without doing some sort of background check they make high risk ventures which come back to bite them in the ***.

By the way, let me know when the neo-con alarm clock goes off so I can wakeup some of these posters from dreamland!!

Answer 2

Bush only makes public parts of the facts, such as home ownership, and employment. Not taken into consideration in his figures are the foreclosures, pre-foreclosures, the value of those homes, if they are bricks and mortar homes, or FEMA quality mobiles.
He also claims unemployment is extremely low. Not taken into consideration is the wage index of those who have been re-employed, what they earned before and after cycling through the unemployment lines. Those who have not yet been re-employed but have run out of benefits, and those who have not filed for one reason or another also are not included.
In both home ownership, and unemployment only the positive aspects are widely publicized. An underhanded, deceitful act to gain positive feedback.

Answer 3

Hey, just because people who CANNOT afford the houses they bought with those "interest only" loans, have them now in foreclosure, does NOT mean it's Bush's fault !!!

He also has record low rate of unemployment, and home ownership.

Watch what happens to ALL of the interest rates when/IF the Dems get into office. MORE homes will be on the market by the BUILDERS as people won't be able to afford the 8,9,10 % or whatever the rates go to.

Answer 4

Hang this one on Clinton.

My Bush position is clear. I believe he has committed Impeachable crimes.

But Clinton, famous for small Government is the one responsible for deregulating the SEC and making "creative financing" a money making business.

Presidents and Politicians like to claim responsibility for housing but it is the Banks and mortgage business that actually control it.

Remember it is not a house or home. It is a Bank Loan a Mortgage that is being sold.

Go big Red Go

Answer 5

http://news.yahoo.com/s/ap/20061227/ap_on_bi_go_ec_fi/economy

Neither statements are true according to the report released today. Home ownership has been down but is rebounding. It is an economic cycle.The economy is good and the tax cuts work but the deal is people living out of their means. It is a common problem and is not to be blamed on the government.

Answer 6

foreclosures are a result of people living out of their means. nothing else. Remember that old adage of the conservatives. Personal responsibility. Its not the govts fault people cant keep their houses.

Answer 7

according to some here bush is responsible for home ownership,yet foreclosures are an individuals fault. bush controls neither and should get no credit/blame.

Answer 8

Are you sure? I think not.
Forclosures are way down.
More blacks have purchased homes than ever in history.
The best economy in 50 years.
Employers are begging for workers that can pass a drug test.
If you are one of very few Democrats that work, look at your pension and 401k go up everyday.

Answer 9

People buy homes they cannot afford and now that is President Bush's fault? Since when is he responsible for people doing stupid things? It's called "personal responsibility"!

Answer 10

Your piont is mute as the two have nothing to do with each other.