Thursday, April 15, 2010

America Is Back Part III: Foreclosure Filings

An update to Tuesday's America Is Back Part I: Free Housing, today we received last month's foreclosure numbers.

Realty Trac has reported, "Foreclosure filings were reported on 367,056 properties in March, an increase of nearly 19 percent from the previous month, an increase of nearly 8 percent from March 2009 and the highest monthly total since RealtyTrac began issuing its report in January 2005."

Banks are ever so slowly beginning to file on the 7.4 million (and counting) Americans who are not paying their mortgage and living for free. 
This number puts us on track for 4.4 million foreclosures this year, double last year's record of 2 million. 

This massive flood of inventory hitting the market at bank auction fire sale prices should help spur the media's make believe housing "recovery" that is still underway.

In other news, the home buyer tax credit expires next week.  The coming losses at Fannie and Freddie (who are now providing 100% of the new mortgages being issued with tax payer dollars) should be staggering and beyond the most dire predictions.

The trillions in coming losses for Fannie and Freddie will just be added on to the annual $2 trillion in Federal deficits, not including social security which is now running in the red.

This morning we also received word that China was once again a net seller last month of $11 billion in treasury debt.  Japan, our second largest creditor was a net seller as well.

However, these concerns will easily be off-set by our stock market, which is on its way to making millionaires of every hard working American in our country.

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