Foreclosures spread

[Gramps]

Foreclosures spread into previously safe areas - Business - Real estate - msnbc.com

"Job loss, rather than time-bomb mortgages resetting to higher payments, has become the main driver behind rising foreclosures.

"We've actually had a sea change in what's causing foreclosures, from the overheated home prices and bad loans to a second wave of foreclosures actually caused by unemployment and economic displacement," says Rick Sharga, a senior vice president at RealtyTrac."



Thoughts

 

[volinbham]

The job losses thing is tough since the old CBO says the jobs picture ain't getting any better well into 2014

 

[droski]

obama's forclosure program has been a massive failure.

 

[BigPapaVol]

The job losses thing is tough since the old CBO says the jobs picture ain't getting any better well into 2014

Wonder how political that little process was?
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[volinbham]

Wonder how political that little process was?
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tough timing for the Barackster.

 

[Volst53]

I know its starting to hit my home town hard. We have over 20% unemployment.

 

[BigPapaVol]

I know its starting to hit my home town hard. We have over 20% unemployment.

Ouch
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[utvolpj]

I know its starting to hit my home town hard. We have over 20% unemployment.

see I've heard numbers around here are going up but the last 3 stores I went into were hiring (and I know 2 of them don't require experience)

 

[lawgator1]

So much anecdotal stuff out there.

 

[Volst53]

One of our biggest employers is starting to go down. They make the sleeping system for the military.

 

[droski]

So much anecdotal stuff out there.

Bailout watchdog faults foreclosure plan - Jan. 25, 2011

 

[tigervol9802]

I know its starting to hit my home town hard. We have over 20% unemployment.

Good grief.

 

[utvolpj]

So much anecdotal stuff out there.

sure it is. Hard to believe the numbers when the jobs are there (at least locally). I also have posted before that my company is starting to hire and is having trouble filling the positions (and we're not exactly a small company either)

 

[Volst53]

Well with my home town there isn't a lot of options, barna log homes and armstrong flooring cut their operations. Logging is struggling since no one is building. We went from four sawmills to just one, and we are down to just one active coal mine. There are signs for hope though, we are starting to find large wells of natural gas in the area. We are also starting to use our natural beauty of the area for tourism. Brimstone recreation is really becoming a big draw and a lot of help to the local businesses.

 

[droski]

it's teh low to mid end office jobs where there is zero hiring currently.

 

[utvolpj]

but that's what we're looking for in my building. Nationwide it's everything from entry-level to branch manager. Even google announced they were looking for more people (may have to apply)

 

[Volst53]

I have a job. I'm just seeing the toll that is does take on an area. I know a lot of people are lazy and won't work, but I feel bad for the ones that work 20 years at a mill and it just shuts down.