if you listen to the news, thing are getting better.
after reading this, it tasted like **** coated in sugar.
the houseing market is still falling in on it's self, since the obama plan was
put in to place, 500,000 was saved nation wide, but according to this artical, 300,000 to 350,000 forcolsers are reported every month.
also the artical states a 4% drop from earler this year but a 29% increase over the same time period last year.
here you read it, if you think it is tuff now wait till next summer.

Foreclosures rise 5 percent from summer to fall

10/14/2009 9:29:36 PM

By ALAN ZIBEL AP Real Estate Writer
WASHINGTON - The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs.
The foreclosure crisis affected nearly 938,000 properties in the July-September quarter, compared with about 890,000 in the prior three months, according to a report released Thursday by RealtyTrac Inc. That puts foreclosure-related filings on a pace to hit about 3.5 million this year, up from more than 2.3 million last year.
Unemployment is the main reason homeowners are falling into trouble. While the economy is likely out of recession, the unemployment rate _ now at a 26-year high of 9.8 percent _ isn't expected to peak until the middle of next year.
Mortgage companies sometimes allow unemployed homeowners to defer three to six months of payments while they are looking for a job. But there's little else they can do.
"The sheer scale of the problem is preventing the loan modification programs from having the kind of impact we'd all like" said Rick Sharga, RealtyTrac's senior vice president for marketing.
Last week, the Obama administration hailed a milestone in its mortgage relief effort, reporting that 500,000 homeowners have received help since the program was launched in March. But new defaults are still exceeding the number of borrowers getting help.
Mortgage companies have slowed down the pace of foreclosures as they evaluate whether borrowers qualify for the administration's program. Analysts, however, forecast that many of those homeowners won't qualify, and foresee a new wave of foreclosed properties hitting the market next year. That's likely to further depress home prices.
Some homeowners are in such a massive financial hole that it's hard to design a modification that will actually provide lower payments. And some have avoided paying their monthly bills for a long time.
Carlos Estrada, 57, of Tulare, Calif., for example, hasn't made a mortgage payment since February 2008. The construction jobs that kept him working more than 40 hours a week during the housing boom have all but vanished.
Earlier this year, he turned down a modification offer from Bank of America because it would have incorporated his unpaid balance and raised his monthly bill. But a bank spokeswoman said Wednesday that Estrada's foreclosure sale had been postponed until late next month while the bank reviews whether he can qualify for help.
"I'm still here waiting for them to help me resolve this situation," Estrada said in Spanish.
According to the RealtyTrac report, there were nearly 344,000 foreclosure-related filings last month, down 4 percent from a month earlier but still the third-highest month since the report started in early 2005.
It was the seventh-straight month in which more than 300,000 households receiving a foreclosure filing, which includes default notices and several other legal notices that homeowners receive before they finally lose their homes.
Banks repossessed nearly 88,000 homes in September, up from about 76,000 a month earlier.
On a state-by-state basis, Nevada had the nation's highest foreclosure rate in the July-September quarter. Arizona was No. 2, followed by California, Florida and Idaho. Rounding out the top 10 were Utah, Georgia, Michigan, Colorado and Illinois.

 

And they gave him a Nobel Peace Prize..............

 

Yeah, I guess 8 years of deregulation and a total lack of oversight of of the mortgage industry have nothing to do with our present problems. Obama should have had it all cleaned up by now...10 months after he took over.

 

I agree, but what can you say he has accomplished in his 10 months in office? I realize he inherited an enormous problem(one that can be traced back to the Clinton presidency), but how many of his promises has he followed up on?

We are out of the recession and things are picking up but it really has nothing to do with him. The stimulus packages actually worked, but they really are just putting the problem off longer. Really the only reason we've been able to get out of the recession is increase in exportation since unemployment is still rising.

 

I'm not looking to start any political arguments, but I do not believe that this recession is over, not by a long shot. Don't believe the hype, this is just getting started. The Great Depression was small compared to what we are soon to see.

 

And what is your grounds for believing that?

EDIT-But seriously I really do want to know. Technically I can't call you an idiot, because being an economist is like being a weatherman, but what you're saying is equivalent to me saying it's going to snow 10" tomorrow in Austin,TX

 

I really don't like getting involved in political debates, but the article posted by the OP is mostly true, according to what I see happening in my state. Unemployment rates are rising, more rapidly than one year ago, in my area. Foreclosure rates are still increasing. Cash for clunkers caused many people who didn't have car payments to go into debt, for better gas mileage. Prices for everything, including utilities, keeps going up. Wages keep going down.

I see this every day. I run an auto shop. Two years ago, I might have recieved 3-5 job applications per month. Now I recieve at least 10 job applications per day. Two years ago, guys with a little experience could command a higher wage. Now, guys are begging for jobs even at minumum wage.

This is just the beginning, it is not over. Ever read Nostradamus?

 

First of all, you are making very specific generalizations about your state and profession. There have been tons upon tons of dealership closings in the past 2 years so of course you are going to see a sudden inflow of mechanics looking for work. It was one of the hardest hit industries(along with the construction industry). Also, a state like Alaska isn't likely to have the same economic situation as New York or California. Look at the big picture.

Unemployment has pretty much flat-lined if you have watched it lately. It is still very high(close to 10%), but it hasn't been increasing near what it has been.

If you think we are in a recession, take a look at the stock market. We have experienced a 20% growth this year alone and since March 09,2009(the lowest point the stock market hit) we have seen around 40%.

The increase in commodity prices is a good thing(to an extent). You realize that right? A large part of why we fell into a recession is that oil prices fell drastically.

As far as the housing market, anyone with a brain knows that it was an extremely inflated market to begin with. That has been the reason for foreclosures.

Like I said before no one is truly right or wrong with predicting the future of the economy, but what you're saying is ridiculous. During the Great Depression there was almost a 25% unemployment rate. Do you realize how horrible things would have to get for that to happen? That is more than 150% higher than it is now.

I just don't see what you're seeing I guess, we've been out of the recession since July-August. We are in a period of rebuilding, but the economy has largely stabilized and is growing again.

I'm not saying things are fine and dandy again, but with the DOW above 10,000 again, someone is doing better. Like I said in my first post, a great bit of that is do to exportation since many people in the U.S. are still in saving mode rather than spending, but the signs are all there that we are out of the recession.

 

So, Do you have any credentials as an Economist? Where is all your knowledge and facts you have coming from?

 

The dow? I pulled that out of my ***:
http://www.bloomberg.com/markets/sto...index_dow.html

Unemployment stastics(out of my *** too):
http://data.bls.gov/PDQ/servlet/Surv...me=LN_cpsbref3
Here are the January-September figures for unemployment. It's also in my link(I added in percentages):
7.6 8.1 8.5 8.9 9.4 9.5 9.4 9.7 9.8
Jan-March=11.8%increase in unemployment
April-June=6.7% increase in unemployment
July-September=4.26% increase in unemployment

As far as market growth. Check my first link(check for brown stains).

For lack of a better link, my Great Depression Labor Statistics(brush off the dingleberries):
http://useconomy.about.com/od/grossd...Depression.htm

EDIT-I realize I didn't answer your original question. I'm a Finance Major aspiring to earn my masters as well. Don't worry though, I didn't make all that up. I get my information from reliable sources: Bloomberg, Bureau of Labor Statistics, etc. I also tend to learn a thing or two in my Finance classes. The little Indian guy with 3 pHD's also says a thing or two that catches my attention.