Mortgage crisis getting worse

[T. Mac]

Several articles out today, all with bad news about the state of the foreclosure crisis.


“Right now, it’s the second-biggest drag on the economy after the surge in oil prices,” said Moody's Analytics chief economist Mark Zandi. Already some 5 million homes have been lost to foreclosure; estimates of future foreclosures range widely. Zandi, who has followed the mortgage mess since the housing market began to crack in 2006, figures foreclosures will strike another three million homes in the next three or four years.

http://www.msnbc.msn.com/id/42881365/ns/business-personal_finance/t/no-end-sight-foreclosure-quagmire/



U.S. home values fell in the first quarter at the fastest rate since late 2008, real estate data firm Zillow Inc said Monday, suggesting that a bottom will not be seen until 2012 at the earliest. Zillow said its home value index fell 3 percent in the first three months of the year from the previous quarter, and was down 8.2 percent year-over-year.
The number of homeowners under water -- or, those who owe more on the mortgage than their house is currently worth -- amounted to 28.4 percent of single-family homeowners, representing a peak since Zillow began calculating the data (http://www.msnbc.msn.com/id/42954513/ns/business-personal_finance/#) in 2009.


http://www.msnbc.msn.com/id/42954513/ns/business-personal_finance/

[caryalsobrook]

Several articles out today, all with bad news about the state of the foreclosure crisis.



http://www.msnbc.msn.com/id/42881365/ns/business-personal_finance/t/no-end-sight-foreclosure-quagmire/




http://www.msnbc.msn.com/id/42954513/ns/business-personal_finance/

And through Fanny Mae and Freddy Mac they still contunue to maintain the same housing policy that got us into trouble in the first place. Nice logic the Gov has. Continue more and more of the same and expect different results which never happens.

[Roger Perry]

Quote:
“Right now, it’s the second-biggest drag on the economy after the surge in oil prices,” said Moody's Analytics chief economist Mark Zandi. Already some 5 million homes have been lost to foreclosure; estimates of future foreclosures range widely. Zandi, who has followed the mortgage mess since the housing market began to crack in 2006, figures foreclosures will strike another three million homes in the next three or four years.

Do you really think the Mortgage Market was goin to right itself overnight The Mortgage mess started before 2006 with the rising prices of houses and the ease in which people got loans from C and D lenders who then sold the mortgages to Fannie and Freddie. We are still recovering from the economic mess left at the end of 2008.

[Sue Kiefer]

Rogers right.This is going to take a lonnnnnggggggggggg time to correct itself.
Wayyyyyyyyyy to easy to borrow money and the greedy public gotta keep up with the Jones attitude.
Now it's a bitch to even try and get a loan.:(
Sue