Sacramento County metro area home foreclosures skyrockets to 20%

[HOLLYWOOD]

Here's the Results of Barney Franks and the socialist democrats creating and forcing upon banks to loan unaffordable mortgages and the years of artificial inflating home prices by the U.S. Federal Reserve, plus the false cheap credit!


What did POS Representative Franks state? Oh, "it's solid and covered and there won't be any need for BAILOUTS!"

After the reading the article... it's affecting all, but the subprime poorest most.. the shocking part, it's a 20% of all homes are foreclosed!

4670 homes Foreclosed in the past 90 days in Sacramento county... that's 52 homes each day!


http://www.sacbee.com/142/story/1399693.html

Sacramento County foreclosures squeeze poorest neighborhoods hardest.

Sacramento Bee
Published: Saturday, Nov. 15, 2008 | Page 1B
Sacramento County's lowest-income neighborhoods continue to take the toughest, most destabilizing punches of the region's two-year foreclosure crisis, says a new report from the Sacramento Housing and Redevelopment Agency.

And it's getting worse.

"Foreclosures are continuing to increase," said Joel Riphagen, SHRA redevelopment analyst. "The common denominator of the hardest-hit areas is they are low-income."

The SHRA's third-quarter 2008 report says sales prices in some neighborhoods have fallen almost by half over the past year. And a pileup of bank repos has also raised stakes for county code enforcers trying to stave off blight.

"What we don't want to happen is when these homes become vacant, the outside becomes dilapidated and run-down," said Sacramento County Supervisor Jimmie Yee, who represents several south Sacramento neighborhoods struggling with foreclosures.

 

[Michigan11]

Homes being forclosed upon by the very corporations that have grown up around the central bank. Hmmm..... reminds me of a quote from Jefferson?

 

[Cowlesy]

Hope that area has a lot of cops...

 

[RSLudlum]

Hope that area has a lot of cops...

I remember reading an article about the Atlanta PD having to impliment a new section devoted to monitoring the forclosed homes in some of their areas.

 

[lodge939]

Have you seen Rep. Meeks' plan? He wants all these ARM mortgages that have adjusted up to be adjusted down by the iron fist of the Fed

 

[Brian4Liberty]

I know someone who bought a foreclosure in that area last year for 450k. Big house, new sub-division. The developer was still selling new homes for 950k. Bet they ran out of buyers at that price...

 

[slantedview]

this is my home area so i've been tracking this stuff with interest for several years. it's only going to get worse!

 

[danberkeley]

this is my home area so i've been tracking this stuff with interest for several years. it's only going to get worse!

I know people who commuted from Sacramento to San Francisco or Oakland everyday. It never made any sense to me.

 

[Jeez]

Fact is US economy was tanking around 2001-2002 in fact 2002 recession should have been prolonged recession. But the housing bubble helped mask this and help give a sense that their assests where growing. Average per capita declined across the board for ALL income groups except for bottom 50 percent (minimum wage). This was mainly due to outsourcing of jobs, imports and lack of innovation at home but our spending increased thanks to cheap credit and consumers willingness to spend.

What you are seeing know is the dominos falling, i have feeling in the next couple years we will very well see unemployment rates hit double digit and prolonged recession.

 

[HOLLYWOOD]

Fact is US economy was tanking around 2001-2002 in fact 2002 recession should have been prolonged recession. But the housing bubble helped mask this and help give a sense that their assests where growing. Average per capita declined across the board for ALL income groups except for bottom 50 percent (minimum wage). This was mainly due to outsourcing of jobs, imports and lack of innovation at home but our spending increased thanks to cheap credit and consumers willingness to spend.

What you are seeing know is the dominos falling, i have feeling in the next couple years we will very well see unemployment rates hit double digit and prolonged recession.

You forgot:

Government spending at all levels skyrocketed; expenditures, salaries, and retirement entitlements

Government has grown to 49% of the American workforce... it's probably over 50% now with the loss of millions of private sector jobs.

As most know:

Government is WASTE... expenditures are a drain on all levels of revenues and are also a liability on the taxpayers for decades with the very generous entitlements and retirement programs.

The Empire building is something that is kept from the American taxpayers... the DOD is spending $100's of millions on Malls and housing at one single European USAF base in Germany. This is going on at stations and bases global, especially the billions allocated for the African Command, which is still in Germany until a suitable country is bought in Africa.

It's all government, it's all empire, it's all ugly!

 

[tmosley]

Government has grown to 49% of the American workforce... it's probably over 50% now with the loss of millions of private sector jobs.

Holy crap! Where can you find numbers to that effect?