Akron-area foreclosures up 59%

[thurston]

Pete wrote:

And hillbilly homeowners that never should be buying a home in the first place.

And builders (for example on relator.com in a 10 mile radius of Atlanta, GA there are over 2000 new homes for sale with a price starting at 1m), bankers, mort companies, hedge funds, wall street, the fed etc. There is plenty of blame to go around. "Greed for lack of a better word" is not good.

[Got an economics degree]

EdinWadsworth wrote:

Let's think about this situation before we cry about how tough things are. The article states that currently, 1 of every 93 houses gets forclosed on. That's 1.075%. So, 98.925% are okay. So.......... WHO CARES???

Yeah, the other 98.925 are probably just too busy washing their Porsches' to notice. Did you read the whole article? Do you see what percentage increase this is. Obviously you don't care. However some of us are intelligent to realize that this will affect us in ways not yet apparent. Hang on folks were going to be experiencing some turbulence....

[watchdog mama]

gee, even with "dead evergreens" the forest of homes still swell with foreclosures...maybe the problems is people buying more homes than they can afford in this economy, not the bad "evergreen trees".

[Something Wicked]

We're going to be experiencing some turbulence...; I agree, economics degree.

I think a storm is gonna sweep through America, and leave a lot of devastation in its wake.

The foreclosure numbers are just the tip of the proverbial ice-berg.

[Seriously]

We should care! We own a nice home, 2 incomes, working our tails off to stay ahead with the increases in prices. I feel the economic pressure every month, if you're not, I would love to know how! Every raise we get...pays for increases in property taxes, gas, groceries. I wish we could just do something around the house because we WANT to, not because we HAVE to. Things will get worse before it gets better.

I think those numbers are very high for Akron. Think about all the rentals in Akron, there are so many! To me this number critical based on actual ownership vs. rental...different topic, different day!:)

[richard]

People are mildly retarded when it comes to over-spending. Most people who seem to get into trouble get into it because they are given almost endless credit. They don't read the fine print or are snookered by shady banks and lenders.

You can walk into any bank or chain store and get a credit card. Applications come in the mail 2,3,4 times a week. Some people don't understand and just get credit whereever and run it up not knowing what happens.

So i fault both- people and lenders. Lenders will let you hang yourself with a short rope. They won't tell you you might get into trouble.

A combination of a shady industry and uninformed consumers. People, inform yourself!

[Mayor Donny will]

he is going to impose a sewer lease propsoal that will raise water and sewer rates 200 percent just to satifiy his ego and legacy. That will put another nail in the forclosure coffin.....remember Akron Thermal, Akron Zoo, Akron Civic and others get free water, sewer and steam. Akron Developeors who are the Mayor's buddies will, too....and all DP loans will be forgiven.

Bergermeister wrote:

Anyone care to make this stop before we become part of the statistics?

[George N]

JJP wrote:

<quoted text>
Ok so tell me rigid one.....what makes you think it's all about home owners who didn't have enough cash to pay their payments?
How much of this is because some hard working JOE lost his job? How many house payments can one make while feeding their familiy and paying utilities on unemployment? How many of these people are finding jobs ? One can be financially responsible, but face it there aren't too many people in this world that could continue to make house payments 2-3 years and not work. They can't even sell their homes because no one can buy, if they aren't working either.
This just isn't in Ohio, it's all over the USA.
I bought a house 1 year ago. Nothing extravagant.
I have enough to live 6 months without an income coming in. I'm most likely losing my job in 3 weeks, at the ripe old age of 56. You think I'm finding a job at 56? Doubtful. Especially when the city I work in is getting ready to lay off possibly 10,000 people in that one city. Can I sell my house? doubtful.
Take your blinders off and realize there are some financially responsible people, who are also getting caught up in this.

Is this related to Wachovia?

[George N]

House prices are dropping like a rock in some markets. If it were food, gasoline, utilities, etc. we would be rejoicing. This is excess being wrung out of the system. Corrupt Fannie and Freddie, mandates from Feds to write risky mortgages, dishonest brokers, wildly optimistic builders, foolish homebuyers. This is a painful self-correction that will provide the next generation of home buyers a great opportunity.

[Mr Mcgintee]

George N wrote:

<quoted text>
Is this related to Wachovia?

you mean watchovAya?

[Bergermeister]

George N wrote:

House prices are dropping like a rock in some markets. If it were food, gasoline, utilities, etc. we would be rejoicing. This is excess being wrung out of the system. Corrupt Fannie and Freddie, mandates from Feds to write risky mortgages, dishonest brokers, wildly optimistic builders, foolish homebuyers. This is a painful self-correction that will provide the next generation of home buyers a great opportunity.

Made the mistake of going to CNN.com today. Their "poll o' the day" was on this issue:
(I paraphrase)
The Congressional bailout of the banks is?:
A: Necessary to stabilize the economy.
B: The result of reckless homebuyers.
?????
No, C: The shift practices of banks that are about to be bailed out by our government.

Don't forget people! The banks did not have to give out these loans. They CHOSE to give out these loans and are now paying the price.....er, my bad, being bailed out with our tax dollars.

MSNBC - gone
Fox - gone
CNN - now gone

Does anyone know of a reputable news source?? I am taking suggestions at this point.

[udidntnotice]

Bergermeister wrote:

<quoted text>
Made the mistake of going to CNN.com today. Their "poll o' the day" was on this issue:
(I paraphrase)
The Congressional bailout of the banks is?:
A: Necessary to stabilize the economy.
B: The result of reckless homebuyers.
?????
No, C: The shift practices of banks that are about to be bailed out by our government.
Don't forget people! The banks did not have to give out these loans. They CHOSE to give out these loans and are now paying the price.....er, my bad, being bailed out with our tax dollars.
MSNBC - gone
Fox - gone
CNN - now gone
Does anyone know of a reputable news source?? I am taking suggestions at this point.

It's been years since you could listen/read any news that wasn't slanted or just plain stupid. There might be the occasional story where just the facts are reported without trying to influence peoples thinking but those are few and far in between. The Bushies only believe FOX, the lefties only CNN. The truth is almost always somewhere in between. The inability of members of both parties to realize this is the reason this country is such a mess.