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Reply #15: I was referring to the 2.9 million of our neighbors who got a foreclosure notice in 2010, [View All]

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jtuck004 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 05:12 PM
Response to Reply #9
15. I was referring to the 2.9 million of our neighbors who got a foreclosure notice in 2010,
or the 2.82 million 2009, or the 3.1 million 2008, every year more actually being removed from their homes than before. Depending on who you read there may be as few as 3 million to as many as 5 million or more to be filed over the next two years. Among that population will be higher suicide rates, perhaps as much as third suffering from major depression (a tremendously under diagnosed killer, and not only of that person), lives irreversibly damaged, higher hospitalization rates for serious illness (such as heart failure). Some just follow the Republican health plan and die.

This in a country where in 2007 they were writing things like "foreclosure rates soar (as in fly upward on wings) to over 400,000".

And I think it is important to remember that we are all "unfortunates" (or maybe better, victims) in the sense used above - there are very few people not affected negatively by this. (For example, a couple million more driven into poverty in the past year, the 50+ million need the $4.43 cents a day the government allots for food just to eat, cities and counties desperate for the revenue that used to come from now lower property values). If nothing else the opportunities and growth that might be available when most are thriving may be lost forever.

The majority of homeowners are not delinquent, (even if the lower rate of deliquencies is still 2 or 3 or 5 times what the historical rates were), but that vastly understates the pain and tragedy that exists. It is worth keeping in mind that banks and mortgage companies (supported by an FASB ruling that lets them value some assets at a mythical "market" value instead of what the homeowner can sell a house for) try to sell us on the idea that value exists, caring only slightly more now about whether the loan can even be paid back, as long as they can claim their fees. Many homeowners don't see it as so rosy, finding when they sell or think about selling their property that it is worth less than the bank says. Here's a survey says a full third of homeowners believe they are underwater - and they don't have an FASB ruling to prop up their values. (My neighbor bought their house, a rebuilt foreclosure at a far lower price than it once commanded. Two years later it is now worth almost $20,000 less by nearly any measure).

But yeah, the majority are doing more or less ok, though not nearly as well as the much smaller number of people who are collecting most of the wealth in the economy.

Today, anyway.
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