Metro Atlanta foreclosures set monthly and annual records
Foreclosure notices in metro Atlanta soared to new heights in November, setting monthly and annual records, according to data released Monday by Equity Depot.
A total of 13,834 foreclosure notices were published in the 13-county metro area in November, Equity Depot said. The previous record of 13,130 was set in August.
Also, with one month of the year left to go, the annual record already has been shattered. A total of 117,437 notices were published during the first 11 months of the year, topping last year’s 12-month record of 117,107, Equity Depot said.
Foreclosure notices published this month are for auctions on the courthouses steps set for next month.
Nine of the 13 metro counties posted individual monthly records — Bartow, Clayton, Cobb, Dekalb, Fayette, Fulton, Gwinnett, Henry and Rockdale, Equity Depot said.
November notices were 24 percent higher than in October and 47 percent greater than a year ago, according to Equity Depot.
Barry Bramlett, president of Equity Depot, said he was “not sure if last month’s moratorium by Bank of America and others had anything to do with this month’s numbers.” Some major lenders had temporarily halted foreclosures to deal with flawed paperwork on some of their documents.
Gwinnett posted the most notices in November with 2,924. Fulton was second with 2,557, followed by DeKalb with 2,114. Cobb came in fourth with 1,656, followed by Clayton with 1,252.
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95 comments Add your comment
Billy Howard
November 15th, 2010
5:18 am
What a terrible headline. This is exactly the thing that is fueling this economy and scaring people for pouring money into it. The media takes something and twists it around to make the headlines look great.. Good job AJC…..why couldn’t you have slipped the “notices” in the headline????
whew
November 15th, 2010
5:49 am
Thank goodness the “good guys” are back in power. I was getting worried about the middle class there for awhile.
PW
November 15th, 2010
6:04 am
You’d better worry about the guys coming in to power unless you are rich believe me!
TH
November 15th, 2010
6:11 am
Billy: This is reality, like it or not. There is too much sugar coating going on. We need to know that things are bad and not improving in order for people to make tough choices that hopefully will help them in the long run. Too many people are sitting back hoping that things will be better soon so they will be bailed out. Not going to happen for the next 5 years. We need to face the facts, deal with reality and all make smart decisions.
whew: The good guys are not in power. Have you checked who occupies the white house? All that the latest power shift will do is stop the democrats from being in total control and passing every tax increasing policy they can think of. This was great that the republications took back the house, but don’t expect any major improvement until we can get some real leadership and remove Obama.
art
November 15th, 2010
6:18 am
This is a symptom of the “buy now, pay later” mentality of western-style economies with the US in the lead. People fail to realize that they don’t own anything when they get a mortgage, the underwriter does. The borrower is exactly that: an indentured servant. Why can’t people just pay with cash? Because, as George Bailey said in “It’s a Wonderful Life”, they would never have a house. Boo hoo. They still don’t. HaHaHaHa.
Tony
November 15th, 2010
6:28 am
TH, since you think that being republican is the solve here, please explain how the republicans have proposed to fix this issue? The problem with this country is that everything is a “black” or “white” issue and/or a “republican” or “democratic” issue. What’s going on is an American issue and no one has the answer right now. So, if you think bc the republicans have taken the house is going to make this country better, you are a joke!
Willis
November 15th, 2010
6:37 am
The Repubnik strategy is already clear: we need to get rid of Obama so we can totally destroy the economy. We can’t get it done with him still in office.
Bug
November 15th, 2010
6:44 am
Term limits for every elected office in America. Eliminate entitlements. Come on third party. Pray for America and God Bless The Tea Party.
AJC, Lester said it best,”The Atlanta Fish Wraper.”
Paul
November 15th, 2010
6:50 am
Suggest that everyone see the movie “Inside Job”. Once upon a time the company that you got your mortgage from was the one that you paid off. Then that business was deregulated.
TH
November 15th, 2010
6:59 am
Tony: I don’t think that republicans are necessarily any cure all. I was not happy with many things that went on in the past “prior to Obama” However, very little of what has been done since makes any good sense. Just about every “stimulus” has been a failure. Nothing more that a short term bandaid with a hangover later. We all need to understand that we can’t fix this mess over night and mast of the stimulus Obama policies seem to be targeted at some type of quick fix and plan to prevent some crisis. We need to slow down with knee jerk policies and begin to do things for the long term. There will be pain in the short term, but that is inevitable. More than likely some balance of power hopefully will produce this result.
sansho1
November 15th, 2010
7:23 am
TH, GM and most of the financial institutions who received funds have paid them back, having weathered the worst of the storm thanks to governmental involvement. And your taxes have gone down during Obama. These are facts.
lreeves
November 15th, 2010
7:26 am
Please do not blame the current President for this situation at least he attempted to help people. Look what GA. voter did in this election with the Gov.. While people was trying to get jobs,take care of there families the Gov was lining up his pockets for his family. ONE CROOK IN AND ANOTHER ONE COMING
Nana
November 15th, 2010
7:31 am
Willis, Dumbama is doing a fine job of destroying the economy and we don’t need the Republicans to help out. If he could keep his arrogant, self-righteous self in this country and stop trying to buy other countries’ approval, maybe something could be done but then again, probably not. It’s ashamed he has to ask for foreigners approval of him since he can’t get it in the good ole USA. Impeachment would be too easy for him – he needs to be brought up on charges of violation of the Constitution – if you don’t believe that one, just read it. He has broken just about every law of that document and we, the people, just stand by and let him do it. I’m not sure who was elected 2 weeks ago will do any better – we have the younger crew who want to do right but the old guard is still there to influence and sway their thinking – shoot, they don’t want to lose their huge salary, great medical benefits, and their same retirement pay. Wish I could have retired on what I made for 20+ years of working. Oh and by the way, does anybody know if Pelosi is going to be allowed to keep that jet we pay for? Hopefully, she will have to take Delta which will probably have to stop for fuel one time on the way to CA. Maybe she needs to “e-bay that private jet” and give us our money back.
sansho1
November 15th, 2010
7:33 am
Nana, sorry, but you are whacked out. That is some seriously unhinged stuff.
TH
November 15th, 2010
7:37 am
sansho1: Great facts! lol
Lynn
November 15th, 2010
7:46 am
Is there something wrong with the economy?? Guys, haven’t you been watching the news?? The Obama Administration has already ANNOUNCED that the recession ended LAST NOVEMBER! That’s right folks November, 2009.
True Story. Hope you’re enjoying “The Change” as much as I am.
Straight Talk
November 15th, 2010
7:48 am
Of course, as Obama continually informs us, all of our problems are George Bush’s fault…and Obama has no responsibiltiy for the problems we face. How long are American people – and voters – going to buy this stuff before they wake up and smell the coffee?
Anon
November 15th, 2010
7:49 am
Biased much?
Since when is a 0.3% increase “shattered”? Really?
The Truth
November 15th, 2010
7:52 am
TH & Willis, your views are the exact reason as to why other countries see the US as a divided country, in which we are. Do you really think President Obama is the cause of the housing problem? If so you are out of touch with reality. Both of you probably earn less than $250k & benefit the most from President Obama being in office. Did you forget that Bush allowed all of this to occur with no lending regulations and alternative financing options? Did you forget that unemployment was @ 11% when Bush left office? Did you forget that the Conservatives are the LENDERS that raped our middle class with bias financing with higher rates & excessive fees. Did you forget that our 401k’s depleted & the market crashing to an all time low since the Great Depression was under Bush? So how do you expect all of this to turn around in 2 years when Bush had 8 years to bury us? We must stop the seperation in our country and ban together for once to overcome this problem. If not, then both of your homes will be added to the increasing forclosure list in the next quarter because both of you will hender progress for the sake of going against the current administration. Even if his plans help your family, you sound as if you would still be unsupportive! Look in the mirror and ask yourself am I real acting like an AMERICAN?
Bunnie
November 15th, 2010
7:52 am
Newsflash: banks have zero incentive to help struggling homeowners since they, Freddie Mac and Fannie Mae were bailed out with our taxpayer dollars. Hell, they make a profit every time they sell a home for pennies on the dollar. The Making Homes Affordable program only added fuel to the fire. Sure, if you can even get a mod, they’ll come back a few months later and take your home anyway, saying that there was nothing that could be done to help “those” people. “Those” people being the ones that had no power to stop billions of their taxpayer dollars to bolster the cushy salaries and lifestyles of bank CEOs. That’s the real crime.
Lynn
November 15th, 2010
7:54 am
“Shattered” , yes really. If it had included YOUR home, you’d probably understand. One home for eclosed on is one TOO MANY. Go do somemore math.
Bunnie
November 15th, 2010
7:55 am
PS – while everyone is arguing black and white, all that matters is green. Liberal and conservative mean nothing anyways; the government has been bought and paid for by the same corporations that received such generous bailouts. Not that banks were ever really in danger of going under.
PR
November 15th, 2010
7:56 am
The American citizens are responsible for the downfall of our economy, especially here in the South.
First, everyone’s love affair with wanting to move South has crippled our RE market. Next, people demanding loans based on Clinton’s promise that everyone should be able to own a home. Finally, giving some of these deadbeats a second chance at modification when there was no way they had any intent on paying back the loan.
I could of easily gotten one of these loans but I didn’t, neither did alot of people. The people that demanded no money down and interest free loans or they’d sue the banks for discrimination are the main culprit. In addition, people never bother to save enough money for job losses, etc. Our country is addicted to borrowing money and not paying it back! Most of the banks have paid their money back to the government!
Stop blaming the rich and powereful for your problems. The people had the power to say NO to what was offered but they didn’t.
Many of these deadbeats should be in debtors prison! These articles give people another excuse not to pay there money back, they feel like they are untouchable. Unfortunately, they are probably right. The rest of us will continue to pay for their stupid mistakes.
Economics
November 15th, 2010
7:56 am
Get used to a new way of life America, 9% unemployments, High Foreclosures, No Credit, the Haves and the Have Nots.
Rod
November 15th, 2010
7:59 am
I’m waiting for the jobs to fall out of the sky now that Repubs are in has anyone been hired yet lol tell me when you are I’ll be waiting maybe I’ll go to the port and see if I can work for Perdue’s company I hear he will be hiring at the port after he steps down from Gov!
Kat
November 15th, 2010
7:59 am
Obama is doing NOTHING to help the situation. His mere presence in office and Democratic controlled Congress has nearly killed any hope of a better recovery. These policies were not Bush’s, they are owned by Clinton.
Lynn
November 15th, 2010
8:00 am
Every Bank Officer in America who has received a “Bonus” in the past 2 years ,who works for a bank that received bailout money , should be forced to repay it. I understand that the FDIC is taking a firmer stance on suing bank execs of the failed banks……finally.
Common Sense
November 15th, 2010
8:02 am
Lynn, yes i enjoy it everyday. Its funny how repubs are already saying they didn`t elect anyone much better. Great job! Enjoy that bridge they sold you.
The Truth
November 15th, 2010
8:02 am
Lets not make this a Black & White issue like several of these bloggers are attempting to do. This is a financial issue that has affected all colors. To turn the foreclosure problem on the current administration, and primarily the president is just foolish. You can tell by the derogatory, personal comments that many bloggers have some personal issues to deal with. The current administration invites the Republican input but they never offer solutions, only negativity to stop growth. At some point you have to move on without the baggage and make things happen. So this year all they did was whine from the sidelines as the current administration worked on “real solutions”.
Bmak
November 15th, 2010
8:03 am
The only “change” I see is what is now in my pocket to replace what used to be dollar bills. I guess I should just be happy for that “change” and be glad its not empty. However, I did catch a democrat in my house cutting holes in my pockets to get the last of my “change”.
NeNe
November 15th, 2010
8:08 am
W was the one that started this – after 9-11 he was on the band wagon that we need to return to core values, homeownership was an integral part of that. He and Twinkle Toes Barney Frank led the charge to make money available to anyone. Frank took care of the “people” side – W took care of deregulating everything on the “business” side – and this is why we’re where we are.
Toss in that no one will touch the continued fraud in Atlanta or other metro areas – totally black and white – and the problem isn’t going away.
Hey – food for thought for all the victims out there – The Jews were incinterated less than a hundred years ago, don’t hear whining….The Japanese Americans were interned and strip of everything during WW II, don’t hear whining. Neither group has been fawned over like the blacks yet each has flourished – why?
Just say heyin’ Gotta go, think the repo man is grabbin ma ‘rover!
Bmak
November 15th, 2010
8:15 am
IMO…politicians get elected based on their promises…after they are in, it is easy to blame the other party for not being able to honor those promises. I think it is time to boot them all out. To often we hear about these folks in both parties getting investigated for shady deals. We should never have allowed them to stay in these positions for so long. The temptation to do the wrong thing is too great. If the position of President is limited to two terms, then all elected offices should be the same. Maybe if they knew that they had to go back and live under the laws that they create when their time is up, they would change their thinking and be more interested in doing what is right for the country and not what is right for their wallets.
TnGelding
November 15th, 2010
8:22 am
Wonder how many were actually foreclosed? Just more opportuities for the wealthy among us to own more property. This unprecedented problem should have been stopped un its tracks by Bush and Obama right after the election in 2008.
hellinahandbasket
November 15th, 2010
8:25 am
to comment on a few in one place…
really, obama isn’t to blame. bush may have made a few bailouts based on the advice of barney frank & company but obama took bail out to a whole new level! he is more responsible for tanking our current economy than anyone else.ironic too that some of you like to point out ‘rich republicans’ but you don’t mention, pelosi, reid, kerry, frank and a multitude of other democrats who are much more wealthy than any republican.
and for the first post…IT’S NOT THE HEADLINES THAT ARE THE PROBLEM IT’S THE ECONOMY, STUPID ! hiding or downplaying the enormity of our problems is not going to make them go away or better. its time to face it and unlike the current administration who is doing nothing but deflecting by bullying through ‘healthcare’ (what a joke) and other equally ‘feel good, do no good’ laws. i think the people made it clear and voted the only way they could (for the lesser of the evils) to send a clear message to all politicians rep or dem and they better have gotten it loud and clear…WE’VE HAD ENOUGH !
hellinahandbasket
November 15th, 2010
8:26 am
you only speak ‘the truth’ from a deluded mind…really you believe that clap-trap?! no wonder we’re in dire straits.
EagleNationRising
November 15th, 2010
8:31 am
NeNe: I strongly encourage you to read about derivative laws passed under the Clinton administration, which allowed banks and insurance companies to play poker with money invested. I highly encourage you to read who deregulated banks. I can assure you that the source will not be George W. Bush.
To all: I am lost as to how it is the responsibility of any US President when a person defaults on a loan given to them. The overriding aspect of our nation is that the government, particularly the Federal government does not intervene in our personal affairs. I do not know any act that is more personal that buying a home.
HOMEOWNERS are completely responsible for their own foreclosures. To point the finger at former Presidents or the current President is absolutely absurd! If black people are disproportionately affected by the foreclosure rates, this points to an issue within the black community. Again, no one forced us (African-Americans) to buy toxic loans. I can clearly remember my home loan and my parents demanding that I get a fixed rate. The banks were telling me something else. I took the time to review the pros and cons for myself.
I do not buy the argument that people were unable to make heads or tails of the games played by banks. We are not talking about illiterate people. I bought a 1 BR condo at a fixed rate with a shorter loan. The President at the time was George W. Bush. Frankly, the guy never factored into my decision process. This falls on the individual.
The problem that I have is former President Clinton allowing derivative laws and regulations to weaken among banks and insurance. The problem that I have with former President George W. Bush is that he signed the repeal of the Glass-Steagall which Congress supported overwhelmingly, i.e. Iraq and Afghan Wars. Bush then handed over tax-payer money for our corporate welfare state, i.e. banks. The problem that I have with President Barack Obama is he has handed over more money to businesses and banks than any President in US history. He is a big part of the problem, as well. In the meantime, unemployment is off of the charts (much higher than under Bush). In real unemployment, almost 1 in 4 Blacks are out of work. This guy is borderline clueless and makes decisions based upon polling. He has not fulfilled his campaign promises (i.e. a repeal of NAFTA, which would create more US jobs than anything else).
Foreclosures are about people unable to maintain their responsibilities to their lender. It has nothing to do with a sitting or former President. End of story! People should have the accountibility to say that they bought too much home. It is not any Presidents fault. We can point to the Presidents on plenty, i.e. useless wars, wasteful spending, the shrinking Middle class. However, foreclosures fall on the individuals. It is not black and white…Dem or Republican. It is those how are responsible and those who are not.
Skip
November 15th, 2010
8:33 am
There are two problems with American and it’s not black or white, it’s JOBS & HOUSING. We can keep blaming the President (BTW who does not create jobs) for these problems or we can look at the real guilty problem….Outsourcing. At the end of the 20th century, we had this great invention called “Globalization.” It increased corporate profit and cut cost by ….that’s right, outsourcing. Now, we’re paying the price for the lost of so many jobs due to globalization. Your job (and mine) are tied to our ability to pay for the increases we saw in the housing market as well. As jobs went East, the housing market went South. Solve outsourcing and you solve the problem to the American economy. We need moderates from both sides, coupled with Independents who are willing to compromise. The answer is not to spend it all, or saving it all. There will have to be a balance. And BTW, if Republicans enter office and spend an hour trying to repeal the Healthcare Plan, Obama will win a second term! (mark my word) If they come in and solve the American Job problems, they will be come heros. It’s that simple. People vote with their pockets. Fix their pockets, you fix their housing problem(s).
JoeDon
November 15th, 2010
8:34 am
3 culprits, plain and simple: 1) The federal government for legislating that lending companies relax traditional loan qualification/approval requirements so that more (read unqualified) people could own a home; 2) unscrupulous loan companies/officers who peddled worthless mortgage products; 3) homebuyers who failed to understand what they were signing up for and in many instances knew that there was no way they could afford the houses they were buying.
NeNe
November 15th, 2010
8:36 am
I’m going to repeat what eagle nation said to Mr. Trump this week in the board room. You know I’m single now sweetie
Big Al
November 15th, 2010
8:38 am
Nobody ever wants to say this, but wonder how many of these forclosures could have been avoided if people had not bought houses they could not afford.
NeNe
November 15th, 2010
8:38 am
Skippy darling – should we look at the union influence? They are the cancer that forced outsourcing. Instead of being rational, it’s always all or nothing – so take nothing and whine…..
The NEW Detroit
November 15th, 2010
8:54 am
I bought a house 3 years ago at the peak of housing sales and pricing in a “transitional” neighborhood and have seen what was once a promising place to live turn into Detroit.
The city and private investors made a concerted effort to rebuild Atlanta, but until education and employment issues are addressed it’s going to get worse. There’s a HUGE division between blacks and whites AND it must change or everyone will be losers.
Chris
November 15th, 2010
8:54 am
To reiterate what Eagle was saying, this all started in 1993 when President Clinton asked for reform of the Community Reinvestment Act(CRA bill). The Average Joe may remember his famous tag line ” owning a home is not a privelage, it is a right”. This act greatly loosened guidelines and opened the door for little to no documentation loans and new creative financing. The foreclosures are so high because many of the people who purchased homes bought based on payment instead of need. Those payments then adjusted and they could no loner make the payment. To compound the issue, many of these owners could no longer requalify for refinance of the home they already own. Until we go back to the days of 20% down on a home, this will never be corrected. To many people view their home as a rental or ATM, not there number one investment.
Andy in Blairsville
November 15th, 2010
8:55 am
Real unemployment is 17+%, 41+ MILLION people on food stamps, over 1 million foreclosures nationwide this year AND 7+ MILLION homes are 90 days or more behind right now and in need of foreclosure. Not to mention the banks have a ton of foreclosed inventory they are withholding from the market to keep foreclosure prices up somewhat.
If you don’t think the typical metro ATL home isn’t going to drop ANOTHER 20-40% in value, I have this really cool bridge I’d like to sell you.
This is a 10-20 year “event” and you can take that to the bank.
FASHOW1
November 15th, 2010
9:01 am
Americas economy was set up to fail years ago, what your seeing now are results. Over priced student loans,inflated home values, war in Iraq, war in Mexico,over priced commodities,flucuating oil prices,uninsured health care. All I can say is consolidate and hold on to your pockets because this will be a long and frustraiting term, owning a home will be a burden once taxes increase. Don’t invest in gold it will soon be worthless just like home values and the dollar, Wall Street Stock Brokers don’t have a care in the world about a middle or lower class they’ll start investing in more prisons for the less fortunate who won’t survive this countries strategic failure. Vote S. Mosby for the people.
Jim
November 15th, 2010
9:10 am
The Dumacrats have f—ed this thing up big time and now just like the Jimmy Carter days we have to clean it all up.
Corley
November 15th, 2010
9:10 am
Bill Clinton was responsible for NAFTA and Ronnie R. started it all when he took away our deduction for consumer loans (credit cards,car loans and etc) in 1986 and gave us the equity loan which made a piggy bank out of our houses. Tax deductions are like cash $$$ at tax time. Good ole Ronnie. He was a lousy actor and worse predident…
EagleNationRising
November 15th, 2010
9:13 am
Andy in Blairsville: Does it not seem as though homes we obviously overvalued? I was raised in Warner Robins, GA. I went to school here in Atlanta and graduate school in Nashville. After earning my MBA, I moved to Washington DC before moving back to Atlanta (Georgia is home). The value of homes within the city limits of Washington DC were so high, that it became obvious that they were overvalued. I live in Midtown and work in Buckhead. I work in the Solaire building. They are selling condos that are starting at $1M…in Atlanta. A block north is the Mansion at Peachtree. They have grossly overpriced condos. I have no idea what is going to happen to the Atlantic residence in Atlantic Station (the largest residential building in Georgia, which first attempted to sell their smallest units at $400k) or 1010 Midtown. At the end of the day, the market has to correct itself.
If the government was not propping up housing prices right now, the market would correct itself. This is a part of the market correcting corporate and individual greed along with poor government intervention. At the end of the day, the government can not overmanipulate the market. Georgia homes will drop in price because they have been overpriced.
trea
November 15th, 2010
9:15 am
All of those who complain of Obama after two years, where were you when Bush put us in this position for the 8 years prior. Of course, you don’t remember that. Get your head out your fantasy world. We are having problems, but to blame Obama and not put any of that blame on Bush is just plain stupid. Get a grip and get back to reality. Bush is the cause of this mess, but because he is republican we will just sweep his faults under the rug and blame the guy who is left to try to clean up his mess. This position explains why this country continues to lose its competitive edge in the world because the republicans want to pass blame instead of find solution. It is what it is and we all have to do better to get better.
Bob in Fayetteville
November 15th, 2010
9:17 am
I’m not quite sure where sansho1 gets his info about decreased taxes, but the actual facts are as follows: the current tax for low income is down slightly, true, however, starting next year, EVERYBODY is going to be paying substantially more taxes in one form or another. Call them penalties, offsets, elimination of credits, whatever. The so-called Stimulus did not work as claimed and just increased our debt to a level that will take generations to fix, if it can be fixed at all. This country is now at a point where the amount of money owed to foreign companies/countries is at a level that a demand of payment would collapse the national economy. That is also a fact.
Rather than make outrageous claims about who or what is going on, look at the CBO data that is available on-line. Those are the facts, not the skewed information for the purpose of political gain. We have got to tighten our belts, folks! Quit whining about needing more social plans to offset income for those who don’t work or pay taxes.
Sorry, for all of those who thought he would, Big O is not going to pay for your car or home. It’s up to you. The government is overwhelmed by their own screwups; doesn’t matter which party. Quit living for right now and thinking that you’re going to win the lottery or that the government is going to give you a big windfall. Sorry, it’s not going to happen. Plan using the thought processes of Dave Ramsey, Herman Cain and Clark Howard for your future.
When you vote next cycle, vote based on demonstrated performance, not rhetoric about what the politician CLAIMS he/she will do. We’ve seen what happens when a community organizer gets in way over his head. His race is irrelevant; he was not qualified for the job. His socialist agenda to make us government dependent has already been proven not to work in other countries, but he tried to force it here. Now people are finally waking up.
BTW, one definition of insanity is to try the same solutions to given problems multiple times, using the same parameters, but expecting different results. Think about it!
Sorry for the ramble, but we’ve got serious problems.
Andy in Blairsville
November 15th, 2010
9:20 am
I’m not saying home prices weren’t overinflated….look at the fools that were paying $400-500K for 90 year old little craftsman homes in the Highlands/Emory/Decatur.
Yes, home prices need to come down nationwide for the average Joe to afford one, but that drags down everyone who currently has a home in the process.
This mess is far from over and it won’t be over until 10’s of millions of people get a real job again.
Witchhazel
November 15th, 2010
9:28 am
This problem was caused by people that should have not gotten houses anyway, and Demokratic policy. If you cant verify a job, or income you still got a house. No money down, that’s ok, we will give you a loan for the house and a loan for the downpayment. No problem, you are here illegal, well we will just use your 2 year old girls social security number. People this happened and the fool want to blame republicans and some democrats.
Charles
November 15th, 2010
9:29 am
Building prisons for the those who lost their houses, and those unemployed “deadbeats”, like me, is what the elite would love to do(some of us “deadbeats” does not like being unemployed, we want to work!).
Hank
November 15th, 2010
9:34 am
Dead on comments – I’m down here since ‘94, appraising since ‘89 – and no I wasn’t one of “those” appraisers. The only work I do is for FNMA and it’s all foreclosure work. There’s no shortgage and I’ll be out again today to look at another group of train wrecks.
Eagle is spot on as are many otehrs – what I want to know is how I can appraise a home at 10K when there is 200K out on it? Who are the brokers, appraisers, underwriters…..even “buyers”? Why aren’t they in jail? If you guys saw the amount of fraud in metro Atlanta….sickening! And I swear there has to be a blind eye to it all….
Hines
November 15th, 2010
9:34 am
$14 Trillion in National Debt and counting – no more social security, no more medicare and no more mortgage interest tax deduction.
Front Line (PBS) http://www.pbs.org/wgbh/pages/frontline/tentrillion/view/?utm_campaign=viewpage&utm_medium=grid&utm_source=grid
EagleNationRising
November 15th, 2010
9:45 am
FYI: We have a bond market crisis brewing as well folks. This is due to our national deficit which is ballooning at an all time high. We are left to believe that either party cares about the overall fiscal health of this nation.
In one corner, we have the Republicans who swear that anyone that fails to extend the “unfunded” Bush tax cuts is risking the future growth of our economy. These same Republicans failed to contain government costs. These same Republicans inherited an economic surplus and raised the deficit higher than ever before.
In the other corner, we have the Democrats who believe that they can spend their way out of this mess. Of course, the overwhelming majority of that spending went to the companies (auto) and banks that the government decided. In the meantime, these Democrats refused to tackle the exploding costs of healthcare by implementing a public option or removing the anti-trust exemption on insurance companies. These same Democrats have created the largest Federal deficit in history, falling the lead of the previous Republican leadership. Anything you can do, I can do better!
Dems say they will make more “unfunded” cuts for the Middle class and only raise taxes on those making over $250k/yr. It will save $700B of our over $4T debt. Republicans say that the world will end of the cuts are not extended as we stare down a $4T debt. Guess what, if the tax cuts expire for EVERYONE (We the People are supposed to be in this thing together) we will save over $4T.
Of course, forget about responsibility in government and leadership. We are going to get more rhetoric. We are going to have falling home prices. We are going to have exploding debt. We are going to have a bond market crisis. We are actually seeing what the Great Depression looked like. It is just spread across one individual crisis after another. It is a borderline joke.
In the meantime, as evidence by this blog, people are blaming political leaders for the irresponsible and selfish behavior of banks (businesses) and home owners, who operate to live beyond their means. Interesting!
EagleNationRising
November 15th, 2010
9:52 am
Charles: I hope no one has suggested building a prison. I would not mind prisons for politicians who handed over our tax dollars to banking executives. It is not the responsibility of the US President to deal with foreclosures.
It is the responsibility of the US President and the Congress to protect jobs in the United States. This nor the previous two Presidents have done that. They have sold our jobs to the lowest bidders, who obviously live abroad in places like China, India, Pakistan, Mexico, Singapore, Philippines and others. It is called NAFTA. President Obama actually ran against it. You may remember that he painted Hillary Clinton as the devil for her blind support of the measure that her husband signed into law.
Of course, our cowardly President has not addressed this matter. He simply used the matter to attract voters like myself. A repeal of NAFTA would immediately create manufacturing jobs across the nation. It would put US business on more equal footing with manufacturing in other nations. Of course, that would force US business to move operations here. They do not want that. Therefore, it does not happen. It is similar to the President and the Democrats failing to require that the health care legislation include a public option.
This is our nation. Our leaders refuse to address deficits or unemployment in a responsible matter. In the meantime, people have lost jobs and unfortunately their homes. At the end of the day, a home loan is between the lender and the home owner. It is not about government. It certainly should not be about prisons.
Andy in Blairsville
November 15th, 2010
10:06 am
At least Goldman Sachs is doing well!
PR
November 15th, 2010
10:22 am
Anyone who continues to believe that Bush caused this mess needs to have their head examined. While it is true that Bush should have undone some of Clinton’s mess, he didn’t. Bush alerted us to some problems but no one was listening. Obama has been too busy bailing out big businesses (GM) and banks and his disasterous ObamaCare to pay any attention to the economy. Obama has been too busy with other things that only HE is concerned about and let our economy continue to derail.
With that being said, the people of this country are the ones that said YES to credit card debt, exotic mortgages and NO savings that caused this train wreck. If you did any of the above, blame yourself for your failures not a President.
ObamaCare is already having negative affects on businesses. Jobs will continue to go overseas if we don’t stop what is happening to business. Obama could do something with NAFTA, or atleast pretend like he cares about our dying economy. He and his wife would rather be out of the US traveling and apologizing to other counties than focusing on our problems. I guess he knows he only has two years worth of free international travel on the taxpayers backs – so what the hell. Let the next President worry about the economy!
artwist
November 15th, 2010
10:28 am
As bad as the current situation is with the foreclosures, what replaces the current system should be much more sustainable. Today banks cannot loan money for a home unless there is a credible chance of repayment. When we work through the mess in a couple of more years, foreclosures will be much less common. Of course, the downside will be that there will be a lower demand for housing and prices will not go up at the previous rate we have come to expect.
Biff Jones
November 15th, 2010
11:38 am
If we could figure out a way to carve Washington DC out of America and float it out to sea and sink it we may get back on our feet. Washington District of Corruption is a cesspool of greed and lies.
“Experience hath shewn, that even under the best forms (of government) those entrusted with power have, in time, and by slow operations, perverted it into tyranny”-Thomas Jefferson
Don't forget about Immigration Reform
November 15th, 2010
11:53 am
One factor in our economy that we continue to ignore is immigration – both legal and illegal – and what is continues to do to our country. Investigate for yourselves, look at the foreclosures around metro ATL (especially in Gwinnett) and you’ll discover many being forclosed on are immigrants.
Our schools are being forced to use money to teach English, our healthcare system has been invaded, ect by immigration. Immigration to the is country must be reformed to make it harder to be an American citizen. We must get rid of illegals as well.
People need to investigate the negative economic impact they have had and will continue to have on US and demand strict reform.
JeromeMJ
November 15th, 2010
12:05 pm
SO the truth is a bad headline?
SamE knows best
November 15th, 2010
12:06 pm
I don’t think we can blame Mr. Obama for the current situation any more than we can blame the economic system prior to the recession. America has thrived off of buy now/pay later far too much then should be allowed, and THAT plays a large role in our current situation along with the low wages paid in most industries..If we can stop overpaying executives (to go to meetings, travel, and enjoy costly meals) then we could actually pay the work force what it deserves..
jason
November 15th, 2010
12:14 pm
I thought Clark Howard said (few months back) Housing was getting better. Prices were going up, foreclosures were down, what happened Clark?
Andy in Blairsville
November 15th, 2010
12:31 pm
Clark’s an idiot. He also said ETF’s were a great investment the other day..
BC
November 15th, 2010
12:35 pm
At this junction of the housing crisis I really don’t think that all of these foreclosures are from people who could not afford a home. My guess would be that a majority are from people that are just walking away from underwater mortgages. Until this is addressed then it far from over.
BC
November 15th, 2010
12:39 pm
Clark Howard is no different that any other “celebrity financial advisor”. They won’t tell you the truth for fear that people will get the “milk and bread” syndrome thus sending the market further in a downward spiral.
Tired of Right Vs. Left
November 15th, 2010
12:55 pm
These people who are posting blaming the dems or the repubs are silly. Every argument seems to deteriorate into these arguments. Try all of the above. We were all to stupid to see this crisis coming (including myself) and no one party can fix it, and no one party was completely responsible. WE ALL HAD A ROLE IN THIS AND IF THE NEW CONGRESS CAN’T PUT TOGETHER COMMON SENSE SOLUTIONS WITH THE PRESIDENT MOVING FORWARD THEN WE WILL TURN INTO 1990′S JAPAN OR GREECE 2010. Anytime I have a conversation now with someone who only blames the other party for everything and not theirs I just assume is an idiot.
Big Nick
November 15th, 2010
12:58 pm
Trea, you are an IDIOT! None of this is Bush’s fault. It started with Carter and continued with Clinton and Obama. The Democraps forced banks to give (loan) money to poor minorities (in order to buy votes) so that they too could “get theirs” or “share in the Ameican Dream”, FULL knowingly that these worthless pieces of $hit could not and would not pay the money back. The Democraps would not allow banks to expand their businesses unless they lowered their standards (just like affirmative action does) and now look at what has happened…
dtruth
November 15th, 2010
1:01 pm
It never fails to amaze how folks can say with a straight face, Obama is the cause to our current issues. They all know the real culprit, 8 years of Bush policies: In bed with Military Industrial Complex, Pharmaceutical Companies, Insurance Industry, Banks, Mortgage Industry, Big Oil. Was it a coincidence the day after Bush was elected that gas prices went up. Is it a coincidence that more billionaires were made during Bush time than any other time in history. Was a war against Iraq really warranted or was his father’s revenge and control of oil the real reason. Obama is a scapegoat. He is a good man that want to help people, but no matter what he does Fox News, racist folk and the like, really do not want to see a black man come to the rescue of the world. They would prefer him to be and act like the constant image shown on nightly news (Black man in hand cuffs/selling drugs/commiting criminal acts etc). They will make sure mess is constantly stirred up to prevent logical discussions to be had. When everything is stirred people don’t see things rationally. Demo against .Repub/ Black against White/ Rich against Poor. Obama is not perfect and need to be more on point for sure but he is far better than Bush because he truly has good intentions but is fighting against a far more dangerous foe than Taliban or Al Qaeda right here in the good ole USA. Some of us know the real deal.
Big Nick
November 15th, 2010
1:02 pm
@ Don’t Forget About Immigration Reform….Right on! You hit the nail on the head! I’m sure you will now be referred to as a “racist” for calling a spade a spade.
connie da' commie
November 15th, 2010
1:15 pm
Yall’s a bunch of whiners, the bloggers postin’ here are more proof that American exceptionalism is a myth…..
dtruth
November 15th, 2010
1:28 pm
I agree, w/Don’t Forget About Immigration Reform…. immigration is a huge deal and cause more issues than we probably know. I am an advocate of what you put in, you get out and there are far too many people that have put nothing into the system and getting more out than the folks that have contributed to it.
candy
November 15th, 2010
1:30 pm
I do not want to become one of the foreclosures. Need a job and want to work!! Help!!!
CC
November 15th, 2010
1:59 pm
When are people going to stop blaming everything that is happening in OUR state on Obama. The article references foreclosure in Georgia. The fact is that this RED state has had a REPUBLICAN administration for the past 8 years and that same administration has done NOTHING to improve the state’s economy stop mortgage lenders from FREELY swooping in like vultures on Georgians. Most other states REQUIRE lenders to ‘GO TO COURT’ before they can just take people’s homes, but Georgia gives them FREE REIGN to do as they please. Modify the laws and make it harder for businesses to freely do what they want to the citizens of our state.
WE NEED CHANGE IN GEORGIA, BUT UNFORTUNATELY IT LOOKS LIKE IT GOING TO GET WORSE.
RSC
November 15th, 2010
2:02 pm
Do all of you folks spouting out that nothing is Bush’s fault know how stupid you sound? Especially when you want to place all blame on Clinton and Obama and completely excuse the 8 years in between when everything went to crap.
Quantrill
November 15th, 2010
2:13 pm
Food Stamp Nation…….a statist dream come true
RSC
November 15th, 2010
2:18 pm
Clinton was not responsbile for NAFTA. That was George Bush, Sr. There is even an official photo taken on December 17, 1992 (prior to Clinton) of the official signing of NAFTA by Canadian Prime Minister Brian Mulroney, US president George Bush, and Mexican president Carlos Salinas de Gortari hanging in the George Bush Library. (go to the website fina-nafi.org for a full timeline of NAFTA).
Also, The Community Reinvestment Act, which carried NO FINES OR PENALTIES FOR NON COMPLIANCE, stated that banks could not discriminate based on the LOCATION of the property being financed but required banks to ensure these loans were made “in a safe and sound manner” and did NOT require banks to make high-risk loans.
It was the American Dream Downpayment Assistance Act, signed by Bush in 2003 under a GOP controlled Congress, that allowed for the risky no downpayment, no closing costs, no qualifications loans.
I know facts simply annoy conservatives, especially when sound bites are so much easier to remember and spew, but try opening your mind and eyes to the actual facts once in a while.
BS Aplenty
November 15th, 2010
2:20 pm
EagleNationRising -
I generally agree with your comments about the genesis of the residential housing bubble. If you can’t afford the mortgage, if the mortgage payment can adjust, etc. then wait until you can afford such a payment. It really is about personal responsibility on the individual level.
From a macro perspective, there have been some economists who fault the Gramm-Leach-Bliley Act passed in 1999 (by then president Bill Clinton I must correct you – not W). G-L-B was simply one more step to deregulation of Glass-Steagall which began in 1980 with the deregulation of interest rates. This legislation did exempt “swaps” from the SEC regulation. However, the use of swaps to manage credit risk in a mortgage pool is a result of poor quality mortgages. Their use (for credit risk purposes) would not be needed if the mortgage pool was other than subprime.
I personally think the fault lies principally with Congress and the executive branch because they want to keep the economy growing – GDP growth is king. Hence, the acceptability of fly-by-night mortgage companies extending subprime mortgages and selling them to, you guessed it, FNMA and FHLMC (or having them guarantee the mortgages). It really is the government involvement in the mortgage industry and possibly the Federal Reserves monetary policy that needs to be addressed.
RSC is Delusional
November 15th, 2010
3:19 pm
Everyone knows that NAFTA was signed by Clinton after he ratified many of the components. It was initiated by GHW Bush, however radical changes were done and the bill signed by CLINTON.
CRA most certainly did start this fiasco. The anti-discrimination part of the act was what consumers used to demand loans from banks.
RSC, you need to stop using Wikipedia to cherry pick your non-facts and research deeper into who is to blame. For very example you state is fact, the rest of us can come up with FACTS to continue to prove you WRONG!
Enjoy your ObamaGod as he has just 2 more years left. Lets hope he attempts to lift a finger to help our economy.
RSC sounds STUPID
November 15th, 2010
3:24 pm
“Do all of you folks spouting out that nothing is Bush’s fault know how stupid you sound? Especially when you want to place all blame on Clinton and Obama and completely excuse the 8 years in between when everything went to crap”
NO ONE has said that “nothing” is Bush’s fault! NO ONE said damage wasn’t done by CONSUMERS the 8 years Bush was in office. NO ONE has placed all blame on your precious Clinton and Obama. Your rants and posts are bizzare and riddled with inaccurate information.
Andy in Blairsville
November 15th, 2010
3:30 pm
At this point who gives a chit who caused this as the chit is already out of the horse?
Why don’t we argue about how we can fix this disaster in 10 years instead of 20?
RSC
November 15th, 2010
3:38 pm
I told you facts simply annoy conservatives. The North American Free Trade Agreement, the actual treaty between the US, Mexico and Canda, was signed by US President George Bush on December 17, 1992. Later, Congress passed and Clinton signed the North American Free Trade Implementation Act, but not before Clinton made changes in order to protect American interests.
no job has cost us everything
November 15th, 2010
3:54 pm
What CC stated is so very true. The banks can do whatever they please and get by with it, if I was doing the same thing, I would go to prison. The banks will not work with you when you get laid off. They don’t care to work with homeowners as they make more money off of foreclosures. I was one of the ones who purchased a modest home for 124K although I was qualified for 250K. I paid on this home 9 years, never was late. Then comes 2008 husband laid off from 5 jobs in one year due to the bad economy. The mortgage still gets paid on time. Then 2009 comes husband gets laid off again, this time for 13 months with no job in sight in the Atl. area. Mortgage still gets paid on time. Then comes 2010 and I get laid off of my job w/o notice or severance. I am late on my mortgage in June, I beg them to work with me, they said no. Since both breadwinners are out of work, how do you pay the mortgage. It is very simple, no job, no money, no mortgage payment. The bank forclosed on us in only 4 months time. Our home was sold Nov.2nd. Heartbreaking, we were not deadbeats, we have worked all of our lives, the economy tanked and we both lost jobs, that is it. My husband is now working out of state as there are no jobs in ATL., I don’t care what people say, there are no jobs. I was forced to also move to another state due to the foreclosure. Our choices were to either get employment in another state or be homeless in Georgia. It really does not matter who is the blame for the current state as alot of hands have contributed. It is really important that the laws must change and not let the bank just literally steal home after home. Georgia needs to become a Judicial state with a Judge governing the foreclosure process. Florida is a Judicial State and the average time it takes to complete the foreclosure process is 24 months. California is also a Judicial state and the time it takes to complete the foreclosure process is about the same.
John
November 15th, 2010
4:43 pm
I really can’t understand how PEOPLE forget about how we got into this situation in the first place. Its was not 8 years of OBAMA it was 8 years of George Bush. Obama did not let the economy plunge into a recession after he left office. All the while saying the whole damn time that the economy was good. He knew that we were going into a FREE FALL but it would only happen after he left office. All the while him and the TEA Bag Party can blame a president that they never wanted to be in the WHITE house to began with. Karma is a mutha……
Editor In Chief
November 15th, 2010
4:52 pm
“I told you facts simply annoy conservatives.” … No, you told half-truths that simply annoy anyone with the right infomation
“but not before Clinton made changes in order to protect American interests.” … you finally admitted that Clinton made changes, but unfortunately those changes DID NOT protect OUR interests.
Editor In Chief
November 15th, 2010
5:04 pm
“Its was not 8 years of OBAMA it was 8 years of George Bush.” … NO – it was 8 years of Clinton and HIS policies.
“Obama did not let the economy plunge into a recession after he left office.” … another blithering “it’s Bush’s fault” statement.
“He knew that we were going into a FREE FALL but it would only happen after he left office” … yet another “blame Bush” diatribe. Yep, Bush planned for the economy to self destruct upon his exit!
“All the while him and the TEA Bag Party can blame a president that they never wanted to be in the WHITE house to began with”. … And blaming Bush yet again (yawn) and the new threat to Obama the Tea Party. Good attempt at the race card with your WHITE house reference.
“Karma is a mutha” … got that right! Watch your back John!
PR
November 15th, 2010
5:11 pm
@ no job has cost us everything
Where was your SAVINGS? The rest of what your saying about no jobs in ATL, the bank not working with you, etc are all excuses. Your post is riddled with blame on everyone except you and your husband. Take responsibility for everything you did wrong to contribute to the problem then people will start listening.
Don't forget about Immigration Reform
November 15th, 2010
5:22 pm
GO LOOK AT THE LISTS OF FORECLOSURES ALL AROUND METRO ATL.
Gwinnett is loaded with immigrants who are being forclosed on. They steal from our taxpayers through education, healthcare and mortgage defaults. GO LOOK!
Uriah
November 15th, 2010
5:53 pm
Thank you Community Reinvestment Act for putting a bunch of people into homes they couldn’t afford.
The libs love to howl about that one. But in fact the government thought everyone should be a homeowner, and they twisted the arms of the bankers to give (as opposed to loan) $ to people who could never repay it.
Charles
November 15th, 2010
7:28 pm
PR
November 15th, 2010
5:11 pm
@ no job has cost us everything
Where was your SAVINGS? The rest of what your saying about no jobs in ATL, the bank not working with you, etc are all excuses. Your post is riddled with blame on everyone except you and your husband. Take responsibility for everything you did wrong to contribute to the problem then people will start listening.
PR- Did you not read what @ No Job wrote? They went 2 years with reduced income, so I would say they did have savings! And for the record, before you are judging others, I would take a look at yourself. You could find yourself in a bad situation someday, so lay off of the judgments!
Isakson & Chambliss want more tax cuts
November 15th, 2010
8:33 pm
Gee maybe Isakson will con everyone in the congress to go along with another tax cut on home purchases. Just like last time, it will do nothing to help stem the tide of foreclosures. Also, it doesn’t address the cause (high and continued unemployment).
We need jobs programs!
We need mortgage cram-downs!
TnGelding
November 16th, 2010
3:35 am
Uriah
November 15th, 2010
5:53 pm
False. They were supposed to qualify. Look up the act. I’m too lazy to supply the link.
Ever heard the term “ownership society?”
no job has cost us everything
November 16th, 2010
7:48 am
Charles, you are right we depleted all of savings over two years.