Overnight Open Thread | Main | Top Headline Comments 5-13-10
May 13, 2010

AP: Good news! Banks seize record 92,000 homes last month

I'm at a loss how to even parody this kind of doublespeak anymore. First the puff:

Foreclosures down 2 percent from last year
Foreclosure filings sink 2 percent from April 2009, first yearly decline in 5 years
Millions of Americans are still likely to lose their homes in the coming years, but the foreclosure crisis is finally showing signs of subsiding...

...Banks seized a record 92,000 homes last month. [which is pretty close to the 1M that were queued up for action this year - PA]

And there are millions more potential foreclosures ahead. Nearly 7.4 million borrowers, or 12 percent of all households with a mortgage, had missed at least one month of payments or were in foreclosure as of March

Key word here - "FILINGS". They've simply queued up as many as they believe can turn relatively quickly.

There's several empty foreclosed/evicted joints within 2 minutes walking distance from me. They've been for sale for months now. Within the same 2 minute walk there's at least a dozen more the foreclosure/eviction trigger could be pulled on whenever the lender wanted to. Two joints right across the street are at least 9 months behind and have stopped paying...and this is the best street in the development.


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posted by Purp at 09:06 AM

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