A record number of foreclosures in third quarter

According to Bloomberg News yesterday: (emphasis mine)

U.S. foreclosure filings climbed to a record in the third quarter as lenders seized more properties from delinquent borrowers, according to RealtyTrac Inc.

A total of 937,840 homes received a default or auction notice or were repossessed by banks, a 23 percent increase from a year earlier, the Irvine, California-based seller of default data said today in a report. One out of every 136 U.S. households received a filing, the highest quarterly rate in records dating to January 2005.

“The problem is prime loans going into foreclosure and people being underwater and losing their jobs,” Richard Green, director of the Lusk Center for Real Estate at the University of Southern California in Los Angeles, said in an interview. “It’s a really bad number.”

Mounting foreclosures mean U.S. home prices probably will resume falling, analysts from Amherst Securities Group LP in New York said Sept. 23. A “shadow inventory” of 7 million properties are in the foreclosure process or likely to be seized, up from 1.27 million in 2005, they said.

Numbers like these speak volumes about the fact that we are not on the cusp of economic recovery as the Obama administration and liberal media insist. These are harrowing indicators of a recession that is going to last many years. We simply cannot spend or, even worse, print ourselves out of debt. We must provide incentives for industries to expand and resume hiring. That is done with tax cuts, not with continued castigation of the business sector.

Kevin adds: Here’s an interesting comparison…

The aformentioned forclosures, shown graphically by state:


And the 2008 Electoral map:


Notice anything?

It seems those who know far better than you and I how to spend our tax dollars aren’t so good with their own…

Is the dollar really going to collapse?
Obama agenda to become infused in many TV programs next week