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Foreclosures rose 75% in 2007

I guess the economic policies of the Bush/Cheney administration have not had the desired impact.

Will we look back in two or three years and say they were failed economic policies?

The hands off policy in the loan industry have contributed to abuses and the current situation.

Utah had almost ten thousand forclosures last year and the number is expected to rise dramatically this year.

The fed is trying to avoid a melt down by dropping the interest rate again today.

Who will benefit from the resulting inflation?

Will we look back and say this is a good or bad thing?

Any comments?

99% of homes are not in foreclosure. Why are you trying to make a mountain out of a mole hill?

Dave:

Isn't that a little of the ostrich sticking it's head in the sand approach?

At 1%, a reasonable estimate would be about 7,500 houses in Utah that are in forclosure at any time.

Dave, tell that to the people who are in foreclosure. Maybe it will make everything alright.

Another gloom and doom headline. The headline should of read for the Utah readers "Utah bucks national trend, foreclosures down 26%". Many people don't see pass the headlines. We are creating a deeper problem then necessary here in Utah buy headlining bad national news to an otherwise relatively stable market.

Who's Responsible, can you explain to me when Bush/Cheney forced these people to sign mortgages they had no business getting, or forced people to buy homes much bigger than they actually could afford, or forced people to sign for an interest only/A.R.M. mortgages with outrageous rates? Sure the mortgage companies shoulder some blame. But when I first got a home they "qualfied" me for a payment that would have been more than 60% of my income. Fortunately, I figured it out and realized that I better settle for a smaller home but one we could actually afford. You obviously love socialist governments and along with Hillary Clinton believe we ought to "Freeze Foreclosures." This country was built on personal responsibility. If we take that away from everyone, we take away their freedom. If we take away our freedom, we have thrown away our own God-given free agency and what so many have given their lives to defend. It is sad to lose a home and I, because of earlier poor decisions know how it feels, but we cannot take away personal responsibility. The good news is they still have a job, their family, and can start again.

I agree with get real. You can't blame the president for a person buying a home they can't afford. Take responsibility for yourself.

I love how everything that happens wrong in America is instantly Bush and Cheney's fault. Do you want or expect government to run your life? The government did not put these people into homes like some communist dictator. Sometimes I think that what liberals want is someone to tell them everything that they should do. That way they can pawn the responsibility on someone else.

The problem with 1% of homes in foreclosure is that a fraction of 1 percent is a huge shift. The real estate economy is like a juggling act on a tightrope. The balance is so delicate that a slight tap on the tightrope could really upset the balance of that juggling act. Obviously the economy won't go tumbling down to the ground in a fiery infernal depression or something. But all it takes is 1 foreclosure in every neighborhood to give a hearty haircut to every home value in that grid. So going from .5% to 1% IS A HUGE DEAL.

Having said that, is it really a bad thing? Utah's market NEEDS a haircut. When prices are this out of line with wages, the only thing sustaining it is inmigration and deceptive lending. Both are drying up here. Sellers are going to have to start marketing to LOCAL first-time buyers again to keep the market healthy. 1st timers have been overlooked recently.

And sadly, those who stupidly signed their souls away to the bank weren't always buying more house than they could afford. It was them buying MODEST homes with appallingly high PRICE tags. This will need to change.

People forget the Great Depression didn't just happen overnight. It took a couple of decades to get going. What we are seeing are the early warning signs of Great Depression II.
The Great Depression I was manipulated by the same types we have today. As the average American found the going tougher and tougher, the fat cats with all the buying power got richer and richer.
Disgusting, isn't it?

I'm surprised that no one has identified the real culprit in this debacle: the Federal Reserve system of fractional banking. The system has made saving punitive and borrowing rewarding. It's upside-down and backwards. Democrats and Republicans alike are guilty of preserving a corrupt system of money and banking.

Utah bucked the trend, but we still ranked 15th in number of foreclosures. We also still rank fairly high in number of personal bankruptcy filings and the spin is that the economy here is strong and stable.

What economic policies? I didn't realize they had any... short of rebuilding Iraq.

I remember a professor of Economics saying:
"When your government is telling you there is nothing wrong with the economy - watch out!"

I'm still waiting for house prices in Utah to get back to a reasonable number. My husband brings home $6,000/mo in take-home pay and we cannot find a house in Utah County with 4 bedrooms (we have 4 kids) that is less than $2,000/mo, weith escrow (we are not foolish enough to pay more than 25% of our monthly income on a mortgage). Most people I know do not make anywhere near what my husband earns... and they live in homes that are 4-5 times their annual income. How, and why? It's crazy.

Another disgusting thing is that businessmen get nervous and go into downsizing mode. The employees fortunate enough to survive the cut get to do two or sometimes 3 or more times the work to make up for the employees who got the axe.

It seems to me the shakey economy should be the common factor to unite Americans. But if things hold the way they have always held, watch for the Neocons to start blaming the liberals for the problem.
This is how they got the bozo we have for president elected. Always attacks on the liberals and the so-called "drive-by media."

Sooo... Bush is again to blame for moronic choices by the general populace? I feel like laughing until I'm sick at people complaining about their mortgage costs, taxes, insurance, etc. and then hear about their "interest-only" or "incredible ARM" they used to get into their home. They deserve all the future problems they get due to their stupidity.

As for Utah bucking a trend? Our forclosure rate dropped 25+% and we're STILL 15th in number of foreclosures? That says something to anyone with half a brain. Also, we didn't buck the trend. We just sit on the back side of the wave. It seems everything here happens just a bit delayed. Just wait for the foreclosure numbers during the next year or so and then tell me about the trend we "bucked".

Let's get housing back in line with the wage earner's salary soon or we haven't even begun to feel the problems in store.

During the �high times� of real estate, a lot of people made the decision to assume massive mortgage payments operating under the fantasy of getting rich off of appreciation and choosing a path of self-imposed ignorance. These people are the primary culprits, knew what they were getting into and should have to suffer the consequences of THEIR decisions. No one forced these people to assume the loan or buy the house.

Remember, Realtytrac is reporting foreclosure filings, not actual foreclosures. The number of filings could be more than actual foreclosures. Again, we are only talking about 1% of homes right now. Will it get worse over time for some, I believe so. However, it has to happen for prudent pricing, balance and affordability to be restored to the market, particularly in Utah.

When the housing bubble burst in Japan, prices fell by roughly 70% over a 12 year period. This is a country where practically everybody has savings and foreclosure is viewed as a black eye to one�s reputation. Unfortunately, this isn�t necessarily the case for many Americans, who don�t save and view walking away from their financial commitments as �no big deal�. The correction is far from over.

I know for a fact that there are 4 bedroom homes that you can get a 30 yr fixed loan on for under $2,000 a month. You just need to stop looking at all the new homes.