Wow. Unreal.

From sacbee.com:

“Foreclosure sales accounted for 43 percent of all property sales in California in the second quarter, the third-highest percentage among all states, according to figures released today by Irvine-based foreclosure analyst RealtyTrac. In the April-to-June period, 62,492 California properties in some stage of foreclosure were sold. Nevada topped the nation at 56 percent, followed by Arizona at 47 percent.”

When the dust settles from this mess, and clearly we are nowhere near done, what will be left? Entire generations are being wiped out never to recover financially.

3 thoughts on “Wow. Unreal.

  1. First it was the houses with dumb financing (interest-only loans,5-1 ARMS etc) going back to the bank, now it’s normal people with normal houses who are out of work and out of savings losing houses to the bank. I really doubt that anyone in DC REALLY has a handle on what’s going on, because people with 6-fig jobs are doing just fine, masking some of the mess (if your “rich” friends have jobs, then things must be fine,right?). Very sad to see things crumble, but it’s the result of poor choices, bad values, addiction to war/resource-stealing, and lack of self-awareness. USD is T.P..

    “the principal architects of policy in England are the merchants and manufacturers and they make sure that their own interests are well served by policy, no matter how grievous the effect on others, including the people of England” –Adam Smith

  2. Wow, 43% of sales are foreclosure sales – what a statistic. And 63,000 people/families impacted. Sad

  3. The economy is going to get a lot worse. There is fraud at every level of American society. Benefits like Social Security, Medicare, etc. must eventually dry up.

    This economy is a Ponzi scheme. Banks control monetary policy and literally own the Federal Reserve. This is why there is a “too big to fail” excuse from the government. More quantitative easing and bailouts will put the nail in the coffin.

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