Diana Olick was right - the home price double dip is not only here, it is getting worse. RealtyTrac reported overnight that general foreclosure activity (i.e., default notices, scheduled auctions and bank repossessions) — were reported on 338,836 properties in August, a 4 percent increase from the previous month. One in every 381 U.S. housing units received a foreclosure filing during the month. The spin is that this was a modest decline (5%) from August 2009, but represents another inflection point in a trend which up to now had been declining. “The trend lines of decreasing default notices and increasing bank repossessions converged in August, with virtually the same number of new default notices and bank repossessions for the month — a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers,” said James J. Saccacio, chief executive officer of RealtyTrac. “On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end the dammed-up inventory of properties already in foreclosure is moving to REO in steady stream rather than a flood — presumably to prevent further erosion of home prices.” Of course, banks are doing all in their power to prevent the realization by the consumer class of just how much lower home prices have still to go. Most notably, the bulk of the foreclosure action in August occurred in bank repossessions, which came at 95,364 U.S. properties in August, the highest monthly total in the history of the report and about 2 percent higher than the previous peak of 93,777 bank repossessions (REOs) in May 2010. August REO activity increased 3 percent from the previous month and was up 25 percent from August 2009 — the ninth straight month where REOs have increased on a year-over-year basis. In other news, we expect Jim Cramer to come out with another call, like his wrong summer 2009 pronouncement that the bottom of housing is here.
More from RealtyTrac:
Nevada, Florida, Arizona post top state foreclosure rates in August
Nevada continued to document the nation’s highest state foreclosure rate for the 44th straight month, with one in every 84 housing units receiving a foreclosure filing in August — 4.5 times the national average. Nevada maintained the nation’s highest state foreclosure rate despite a 25 percent year-over-year decrease in foreclosure activity in August — the 11th straight month where Nevada foreclosure activity has decreased on a year-over-year basis.
Florida foreclosure activity decreased on a year-over-year basis for the fifth straight month in August, but the state’s foreclosure rate still ranked second highest among all states. One in every 155 Florida housing units received a foreclosure filing in August — 2.5 times the national average.
One in every 165 Arizona housing units received a foreclosure filing in August, the nation’s third highest state foreclosure rate, and one in every 194 California housing units received a foreclosure filing in August, the nation’s fourth highest state foreclosure rate.
One in every 220 Idaho housing units received a foreclosure filing in August, the nation’s fifth highest state foreclosure rate. A total of 2,915 Idaho properties received a foreclosure filing in August, an increase of nearly 9 percent from the previous month and an increase of 11 percent from August 2009. Idaho was the only state with a top 5 foreclosure rate to document a year-over-year increase in foreclosure activity.
Other states with foreclosure rates ranking among the top 10 in August were Utah, Georgia, Michigan, Illinois and Hawaii.
Five states account for more than 50 percent of national total
California alone accounted for 20 percent of the national total in August, with 69,143 properties receiving a foreclosure filing during the month — a 3 percent increase from the previous month but a 25 percent decrease from August 2009.
Florida accounted for nearly 17 percent of the national total, with 56,877 properties receiving a foreclosure filing — a 10 percent increase from the previous month but a 9 percent decrease from August 2009. Florida default notices were down 46 percent from August 2009 but increased 2 percent from the previous month, ending five straight months of month-over-month decreases in Florida default notices.
Michigan, Illinois and Arizona each accounted for about 5 percent of the national total in August, with 17,764 Michigan properties receiving foreclosure filings, 16,808 Illinois properties receiving foreclosure filings, and 16,510 Arizona properties receiving foreclosure filings.
Other states with foreclosure activity totals among the nation’s 10 highest in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385), and Washington (6,760).
Metro foreclosure hot spots continue downward trend
All 10 metro areas with the nation’s highest foreclosure rates in August posted year-over-year decreases in foreclosure activity for the second month in a row.
The Las Vegas-Paradise, Nev., metro area documented the highest foreclosure rate among metropolitan areas with a population of 200,000 or more, with one in every 73 housing units receiving a foreclosure filing, despite a 25 percent decrease in foreclosure activity from August 2009.
Foreclosure activity in Modesto, Calif., decreased 10 percent from August 2009, but the city still documented the nation’s second highest metro foreclosure rate, with one in every 95 housing units receiving a foreclosure filing in August. Six other California metro areas had foreclosure rates ranking among the top 10: Stockton at No. 3 (one in every 100 housing units receiving a foreclosure filing); Merced at No. 6 (one in 111); Riverside-San Bernardino-Ontario at No. 7 (one in 113); Bakersfield at No. 8 (one in 120); Vallejo-Fairfield at No. 9 (one in 124); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 125).
Two Florida metro areas registered foreclosure rates among the top 10: Cape Coral-Fort Myers, Fla., at No. 3, with one in every 104 housing units receiving a foreclosure filing; and Miami-Fort Lauderdale-Pompano Beach at No. 5, with one in every 111 housing units receiving a foreclosure filing.
Progressive Rep. Bob Filner Risks Arrest To Save Cancer Victim’s Home From Foreclosure
As ThinkProgress has noted, there are currently two competing visions of governance in the United States. One, the conservative version, believes in the on-your-own society, and sides with powerful corporations and other privileged sectors of America. The other vision, the progressive one, believes in an American Dream that works for all people, regardless of their racial, religious, or economic background.
This progressive vision was on full display yesterday during a vigil led by Rep. Bob Filner (D-CA) that halted, for now, the foreclosure of a cancer victim’s home. For months, Bonita, California resident Luz Maria Villanueva had been facing impending foreclosure on her home by Union Bank. Villanueva’s situation was especially dire due to the fact that her son has a kidney disease as well as cancer. As medical bills began to pile up, Villanueva had to choose between the life of her son and her home, and she chose her son.
As Union Bank began to close in on Villanueva’s home, Rep. Bob Filner (D-CA), who represents the woman and her son in Congress, took note of her situation. Comparing the struggle of families trying to keep their homes to the civil rights struggles of the 1960s which landed him in a Mississippi jail for two months, Filner announced that he’d be holding a community vigil on the steps of Villanueva’s house on the day a local sheriff was scheduled to come foreclose on her. He warned that doing so “may result” in his arrest, but that was willing to risk it to help her save her home. Thanks to the publicity Filner and the surrounding community brought to the case, Union Bank decided to call off the foreclosure, for now:
“Thank you, thank you!” Luz Maria Villanueva’s voice was choked with emotion at a rally on her front lawn organized by Congressman Bob Filner (D-San Diego). Nearly 100 people turned out at 5:30 a.m. for a candlelight vigil to protest Union Bank’s announced plan to have the Sheriff’s department take Villanueva’s Bonita home. She has pleaded for a reprieve at least until her young son, who has cancer, completes chemotherapy treatments.
“We’re going to stand together to change America,” said Rep. Filner. “We have a president who talked about hope. We have to give him strength. The banks have taken over both parties.” He called for changes in the law to protect those victimized by predatory lending practices. The rally drew widespread media attention; at least three major TV stations as well as print and online media reporters were on hand to cover the event. Although Villanueva attained a temporary stay when Union Bank called off the Sheriff today, the order could be reissued, Filner warned those present. “We got them to back down, but we need you to be on call.”
Local news station San Diego 6 covered the event. Filner told the station that he gets “hundreds of calls” every day from other constituents facing foreclosure on their homes. He also reiterated his commitment to passing cramdown legislation — which was defeated in Congress last year — to help people stay in their homes. Watch San Diego 6’s report:
The fate of Villanueva’s home is still up in the air, as Union Bank has promised to continue negotiations with her and Filner. For his part, the congressman hopes that other communities and their legislators fight to help their neighbors keep their homes. “I hope this spreads across America,” he said at the vigil yesterday.
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Diana Olick was right - the home price double dip is not only here, it is getting worse. RealtyTrac reported overnight that general foreclosure activity (i.e., default notices, scheduled auctions and bank repossessions) — were reported on 338,836 properties in August, a 4 percent increase from the previous month. One in every 381 U.S. housing units received a foreclosure filing during the month. The spin is that this was a modest decline (5%) from August 2009, but represents another inflection point in a trend which up to now had been declining. “The trend lines of decreasing default notices and increasing bank repossessions converged in August, with virtually the same number of new default notices and bank repossessions for the month — a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers,” said James J. Saccacio, chief executive officer of RealtyTrac. “On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end the dammed-up inventory of properties already in foreclosure is moving to REO in steady stream rather than a flood — presumably to prevent further erosion of home prices.” Of course, banks are doing all in their power to prevent the realization by the consumer class of just how much lower home prices have still to go. Most notably, the bulk of the foreclosure action in August occurred in bank repossessions, which came at 95,364 U.S. properties in August, the highest monthly total in the history of the report and about 2 percent higher than the previous peak of 93,777 bank repossessions (REOs) in May 2010. August REO activity increased 3 percent from the previous month and was up 25 percent from August 2009 — the ninth straight month where REOs have increased on a year-over-year basis. In other news, we expect Jim Cramer to come out with another call, like his wrong summer 2009 pronouncement that the bottom of housing is here.
More from RealtyTrac:
Nevada, Florida, Arizona post top state foreclosure rates in August
Nevada continued to document the nation’s highest state foreclosure rate for the 44th straight month, with one in every 84 housing units receiving a foreclosure filing in August — 4.5 times the national average. Nevada maintained the nation’s highest state foreclosure rate despite a 25 percent year-over-year decrease in foreclosure activity in August — the 11th straight month where Nevada foreclosure activity has decreased on a year-over-year basis.
Florida foreclosure activity decreased on a year-over-year basis for the fifth straight month in August, but the state’s foreclosure rate still ranked second highest among all states. One in every 155 Florida housing units received a foreclosure filing in August — 2.5 times the national average.
One in every 165 Arizona housing units received a foreclosure filing in August, the nation’s third highest state foreclosure rate, and one in every 194 California housing units received a foreclosure filing in August, the nation’s fourth highest state foreclosure rate.
One in every 220 Idaho housing units received a foreclosure filing in August, the nation’s fifth highest state foreclosure rate. A total of 2,915 Idaho properties received a foreclosure filing in August, an increase of nearly 9 percent from the previous month and an increase of 11 percent from August 2009. Idaho was the only state with a top 5 foreclosure rate to document a year-over-year increase in foreclosure activity.
Other states with foreclosure rates ranking among the top 10 in August were Utah, Georgia, Michigan, Illinois and Hawaii.
Five states account for more than 50 percent of national total
California alone accounted for 20 percent of the national total in August, with 69,143 properties receiving a foreclosure filing during the month — a 3 percent increase from the previous month but a 25 percent decrease from August 2009.
Florida accounted for nearly 17 percent of the national total, with 56,877 properties receiving a foreclosure filing — a 10 percent increase from the previous month but a 9 percent decrease from August 2009. Florida default notices were down 46 percent from August 2009 but increased 2 percent from the previous month, ending five straight months of month-over-month decreases in Florida default notices.
Michigan, Illinois and Arizona each accounted for about 5 percent of the national total in August, with 17,764 Michigan properties receiving foreclosure filings, 16,808 Illinois properties receiving foreclosure filings, and 16,510 Arizona properties receiving foreclosure filings.
Other states with foreclosure activity totals among the nation’s 10 highest in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385), and Washington (6,760).
Metro foreclosure hot spots continue downward trend
All 10 metro areas with the nation’s highest foreclosure rates in August posted year-over-year decreases in foreclosure activity for the second month in a row.
The Las Vegas-Paradise, Nev., metro area documented the highest foreclosure rate among metropolitan areas with a population of 200,000 or more, with one in every 73 housing units receiving a foreclosure filing, despite a 25 percent decrease in foreclosure activity from August 2009.
Foreclosure activity in Modesto, Calif., decreased 10 percent from August 2009, but the city still documented the nation’s second highest metro foreclosure rate, with one in every 95 housing units receiving a foreclosure filing in August. Six other California metro areas had foreclosure rates ranking among the top 10: Stockton at No. 3 (one in every 100 housing units receiving a foreclosure filing); Merced at No. 6 (one in 111); Riverside-San Bernardino-Ontario at No. 7 (one in 113); Bakersfield at No. 8 (one in 120); Vallejo-Fairfield at No. 9 (one in 124); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 125).
Two Florida metro areas registered foreclosure rates among the top 10: Cape Coral-Fort Myers, Fla., at No. 3, with one in every 104 housing units receiving a foreclosure filing; and Miami-Fort Lauderdale-Pompano Beach at No. 5, with one in every 111 housing units receiving a foreclosure filing.
Progressive Rep. Bob Filner Risks Arrest To Save Cancer Victim’s Home From Foreclosure
As ThinkProgress has noted, there are currently two competing visions of governance in the United States. One, the conservative version, believes in the on-your-own society, and sides with powerful corporations and other privileged sectors of America. The other vision, the progressive one, believes in an American Dream that works for all people, regardless of their racial, religious, or economic background.
This progressive vision was on full display yesterday during a vigil led by Rep. Bob Filner (D-CA) that halted, for now, the foreclosure of a cancer victim’s home. For months, Bonita, California resident Luz Maria Villanueva had been facing impending foreclosure on her home by Union Bank. Villanueva’s situation was especially dire due to the fact that her son has a kidney disease as well as cancer. As medical bills began to pile up, Villanueva had to choose between the life of her son and her home, and she chose her son.
As Union Bank began to close in on Villanueva’s home, Rep. Bob Filner (D-CA), who represents the woman and her son in Congress, took note of her situation. Comparing the struggle of families trying to keep their homes to the civil rights struggles of the 1960s which landed him in a Mississippi jail for two months, Filner announced that he’d be holding a community vigil on the steps of Villanueva’s house on the day a local sheriff was scheduled to come foreclose on her. He warned that doing so “may result” in his arrest, but that was willing to risk it to help her save her home. Thanks to the publicity Filner and the surrounding community brought to the case, Union Bank decided to call off the foreclosure, for now:
“Thank you, thank you!” Luz Maria Villanueva’s voice was choked with emotion at a rally on her front lawn organized by Congressman Bob Filner (D-San Diego). Nearly 100 people turned out at 5:30 a.m. for a candlelight vigil to protest Union Bank’s announced plan to have the Sheriff’s department take Villanueva’s Bonita home. She has pleaded for a reprieve at least until her young son, who has cancer, completes chemotherapy treatments.
“We’re going to stand together to change America,” said Rep. Filner. “We have a president who talked about hope. We have to give him strength. The banks have taken over both parties.” He called for changes in the law to protect those victimized by predatory lending practices. The rally drew widespread media attention; at least three major TV stations as well as print and online media reporters were on hand to cover the event. Although Villanueva attained a temporary stay when Union Bank called off the Sheriff today, the order could be reissued, Filner warned those present. “We got them to back down, but we need you to be on call.”
Local news station San Diego 6 covered the event. Filner told the station that he gets “hundreds of calls” every day from other constituents facing foreclosure on their homes. He also reiterated his commitment to passing cramdown legislation — which was defeated in Congress last year — to help people stay in their homes. Watch San Diego 6’s report:
The fate of Villanueva’s home is still up in the air, as Union Bank has promised to continue negotiations with her and Filner. For his part, the congressman hopes that other communities and their legislators fight to help their neighbors keep their homes. “I hope this spreads across America,” he said at the vigil yesterday.
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College Football <b>News</b> | <b>News</b> Media Generation - GenMedia.Info
College Football Returns; Today's TV Schedule | News One: and#13;and#13;College Football schedule.and#13;and#13;Saturday Games of Note on College Football Schedule (Ranked Teams)and#13;and#13;*San Jose State vs. No. ...
<b>News</b> Roundup: Ryan Murphy Confirms Chord Overstreet Will Not Play <b>...</b>
Ryan Murphy finally put an end to the speculation about Kurt's new boyfriend on 'Glee' -- well, sort of. We finally know once and for all.
WordPress app adds video support | iLounge <b>News</b>
iLounge news discussing the WordPress app adds video support. Find more Apps + Games news from leading independent iPod, iPhone, and iPad site.
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College Football <b>News</b> | <b>News</b> Media Generation - GenMedia.Info
College Football Returns; Today's TV Schedule | News One: and#13;and#13;College Football schedule.and#13;and#13;Saturday Games of Note on College Football Schedule (Ranked Teams)and#13;and#13;*San Jose State vs. No. ...
<b>News</b> Roundup: Ryan Murphy Confirms Chord Overstreet Will Not Play <b>...</b>
Ryan Murphy finally put an end to the speculation about Kurt's new boyfriend on 'Glee' -- well, sort of. We finally know once and for all.
WordPress app adds video support | iLounge <b>News</b>
iLounge news discussing the WordPress app adds video support. Find more Apps + Games news from leading independent iPod, iPhone, and iPad site.
bench craft company rip off bench craft company rip off
College Football <b>News</b> | <b>News</b> Media Generation - GenMedia.Info
College Football Returns; Today's TV Schedule | News One: and#13;and#13;College Football schedule.and#13;and#13;Saturday Games of Note on College Football Schedule (Ranked Teams)and#13;and#13;*San Jose State vs. No. ...
<b>News</b> Roundup: Ryan Murphy Confirms Chord Overstreet Will Not Play <b>...</b>
Ryan Murphy finally put an end to the speculation about Kurt's new boyfriend on 'Glee' -- well, sort of. We finally know once and for all.
WordPress app adds video support | iLounge <b>News</b>
iLounge news discussing the WordPress app adds video support. Find more Apps + Games news from leading independent iPod, iPhone, and iPad site.
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