16 New Records That The American Economy Has Set During The Past 12 Months – And They Are All Bad

Over the past twelve months, the U.S. economy has continued to come apart like a 20 dollar suit.  During that time it seems like more bad economic news has been coming out nearly every single day.  Instead of getting better, the problems facing the U.S. economy only seem to be multiplying.  The U.S. government and the U.S. financial system continue to absolutely drown in debt.  Factories, jobs and massive amounts of wealth continue to fly out of the United States every month at an astounding pace.  Meanwhile, the number of Americans enrolled in anti-poverty programs continues to shatter records and the U.S. housing industry continues to set records for futility.  The truth is that less Americans are living the American Dream today than were living it twelve months ago.  The U.S. economy is in a serious state of decline, and it is time for all of us to wake up and admit the truth. (Read More...)

Bank Of America, JPMorgan Chase And GMAC Suspend Foreclosures Due To Serious Concerns About Foreclosure Procedures

In an absolutely stunning development, Bank of America, JPMorgan Chase and GMAC Mortgage have all suspended foreclosures in many U.S. states due to serious concerns about foreclosure procedures.  There has been an absolutely massive tsunami of foreclosures in recent years and it turns out that mortgage company officials dealing with foreclosure paperwork have not always taken the time to process each foreclosure properly.  Things have gotten so bad that a number of U.S. states have actually opened up official investigations that are looking into some of these foreclosure practices.  But what did everyone expect?  There has been such a dramatic surge in foreclosures over the past several years that it was almost inevitable that shortcuts would start to be taken.  Back in 2005, there were only about 100,000 home repossessions in the United States.  Last year there were about 1 million home repossessions in the U.S. and RealtyTrac is projecting that there will be a record 1.2 million home repossessions this year.  Needless to say, this has created a paperwork headache for mortgage companies of unprecedented magnitude. (Read More...)

15 Bone Chilling Signs That Part Two Of The Double Dip Housing Crash Has Begun

These are harrowing times for anyone trying to sell a home or for anyone who is trying to make a living in the housing industry.  But unfortunately, there are a whole lot of signs that things are about to get quite a bit worse.  U.S. home sales have hit record lows in recent months.  An increasing number of sellers have started to reduce their asking prices, and there are signs that home prices are already starting to slip substantially in many areas of the country.  Meanwhile, the inventory of unsold homes in the United States continues to rapidly increase. Home foreclosures and bank repossessions of homes continue to set all-time records.  What this all means is that the U.S. housing market is being absolutely flooded with homes for sale at a time when there are very few buyers.  There is way too much supply and not nearly enough demand and as a result home prices are being pressured downward.  The home buyer tax credits that the U.S. government was bribing home buyers with helped stabilize the U.S. housing market for a while, but now the tax credits have expired and things are getting scary out there. (Read More...)

Living In Fear

Can you feel the rising fear in America today?  It has gotten to the point where it is almost palpable.  Millions of Americans have lost their jobs and fear what is going to happen when their unemployment benefits run out.  Millions of others fear what would happen if they lose the job that they still have.  A rapidly growing number of Americans are getting behind on their mortgage payments and fear that they might lose their homes to foreclosure.  Still others are looking retirement directly in the eye and are realizing that they aren’t going to have enough money to make it.  So why all the fear?  Well, over the past several decades an increasing number of Americans have come to define their lives by the amount of stuff that they have accumulated and the amount of money in their bank accounts.  For these Americans, living the American Dream is dependent on these material possessions.  So what happens when these material possessions are threatened?  What you get is millions upon millions of Americans living in fear. (Read More...)

The ABC’s Of The Great American Housing Crisis

It doesn’t take a genius to realize that a horrific housing crisis in unfolding right in front of our eyes.  Yesterday it was announced that existing home sales plummeted 27 percent in the month of July.  Today it was announced that new homes sales dropped to the lowest level ever recorded in July.  But why is this happening?  Why is the American Dream still dying for millions of American families?  Wasn’t the recession supposed to be over by now?  Weren’t home prices supposed to be moving back up by this time?  Well, in this article we will attempt to succinctly break down the ABC’s of the Great American Housing Crisis.  Hopefully this will help people understand why all of this is happening. (Read More...)

15 Signs That The U.S. Housing Market Is Headed For Complete And Total Collapse

The U.S. housing market is dying.  You will only hear hints of this on the mainstream news and from the politicians in Washington D.C., but as statistic after statistic continues to roll in, the reality of what is happening is becoming very difficult to deny.  Up until the end of April, the giant tax credit that the U.S. government was bribing home buyers with helped stabilize the real estate market, but now that the tax credit has expired the decline of the U.S. housing market has resumed.  Mortgage defaults continue to set new records.  Foreclosures continue to set new records.  Home repossessions by banks continue to set new records.  The number of homes being constructed and the number of Americans applying for home loans is at stunningly low levels.  For decades, owning a home has been touted as the very heart of “the American Dream”, but today that dream is out of reach for an increasing number of Americans.  Why?  It is because there are not nearly enough jobs for everyone.  Without a jobs recovery, there simply is not going to be a housing recovery.  Unfortunately, as the U.S. economy continues to come apart like a 20 dollar suit, even more Americans are going to lose their jobs and the U.S. housing industry will continue to experience a very painful decline. (Read More...)