Why has home fore-closures gone up 40% since George Bush has been President??

Question

Is this the sign of a weak economy, or a great slendigious one for the Banks, and the Neocons that own them?

Answer 1

because bush and the conservative congress allowed credit companies to become what amounts to legalized loan sharking, extortionists.

that and the economy is one event away from total collapse...

Answer 2

The forclosure rate is a bit decieving...

Don't think for a second that all these forclosures have forced some poor family out of their primary home... Many of these foreclosures are on second/investment properties... A bunch of idiots trying to make a quick dollar... and a lot of these people were never able to flip their property... paid the payments as long as they could... only to run out of funds...

People like to talk about the subprime market and try to equate the high interest in subprime for the increase in forclosures... Yes, the fact they have significantly higher interest may have an impact of their ability to afford the home - however, the reason they're considered "subprime" is well, they have a poor credit history... a history of defaulting on loans, paying late, etc... So, did they lose the home because of high interest or simply because they don't manage money very well... They started with a bad credit report; did the lender expect them to actually stay on top of their bill?

Credit Expansion/Contraction; As much Democrates would love to blame Bush or the republican congress for this, they can't. The Federal Reserve Bank controls interest. Sure, the share what they do, but they do it on their own. Congress, nor the president, have any real power with the Fed - and thank your lucky stars they don't... Otherwise our economy would be as volitile as politics...

Answer 3

It's because folks are dumb enough to take out interest-only mortgages on their new homes, and then can't make the payments when they have to refinance. It's because people are living WAY beyond their means, and spending-spending- spending, and then when one spouse loses a job, they can't afford their lifestyle and go belly-up. It's because American companies are out-sourcing tech jobs, which usually pay pretty well, and the over-educated American can't find a decent job to replace the one they've lost. I really doubt that Prez Bush has anything to do with it, no matter how much I hate him. Whenever the economy is doing well or poorly, the president always gets blamed for it, but he has no more control over the economy than any of us. It's a machine unto itself.

Answer 4

40 percent of what the Country , 40 percent of the 10 percent that always happens. The economy is not weak - Thousands of homes go up every day - Can't help it if folks live beyond their means. Other then a statement do you have some figures

Answer 5

What else has gone up since Shrub's been in the white house?
Gas prices, food prices, stamp prices (although I don't know if he was responsible for that), energy prices, the price of metals, state, local and property taxes (thanks to the fed tax 'cut' that forces states to raise taxes in order to make the money they lost from the fed govt), building supplies, and almost everything else.

Only thing that has gone down is the economy and the stock market.

And Bush jocksupporters don't seem to see the connection between the loss of good paying manufacturing jobs (as well as other jobs being sent overseas), and the jobs only get replaced with low paying service jobs, this is why people are getting in over their heads. When someone gets laid off and has to take a lower paying job, as well as pay through the nose for gas costs, etc, it makes it hard to pay for anything! That is why many people are losing their houses.

Answer 6

Well let me see now. People that used to make decent wages have their jobs sent to China and now have to work for Walmart wages. Seems like the bank would not change their mortgages to reflect the change in income. Go figure. And remember G Dub says off shoring is good for our economy

Answer 7

Lets see, the economy started a nose dive at the start of 2000, 9/11, a war, Katrina and how many other hurricanes, to start. And I'm not surprised you won't admit to the good direction our economy started going in Nov. nor anything else good that ever happens under Bush's watch.

Answer 8

I wonder how much property taxes figure into this?

I would also love to see your sources supporting the idea of a 40% increase in fore-closers!

Answer 9

The rise in interest rates and the fall of the housing boom.

When home prices soared at double-digit rates during the recent red-hot housing market, many Americans stretched themselves financially to purchase a home. The use of lower-interest adjustable-rate mortgages, or ARMs, interest-only mortgages or option-ARMs that allowed home buyers to choose how to pay each month soared during the same period.

Answer 10

Because since he's been president all he wants us to do is go shopping-he doesn't have a clue about REAL working people in this country. Ahh, let me explain it to Curious George-People just aren't as able to make ends meet since you've been in office. Gee, I wonder why that is, you stupid chimp. Opps, sorry for the insult to all the SMART chimps in this world.