STOCK MARKET WATCH -- Monday, 26 November 2012

[Demeter]

2. Why the Foreclosure Crisis is Getting Worse By Selena Cowell (OCTOBER)

http://money.usnews.com/money/blogs/my-money/2012/10/22/worried-about-your-home-why-the-foreclosure-crisis-is-getting-worse

Although the housing market is showing signs of recovery, other indicators show the foreclosure crisis is getting worse. In a September interview with U.S. News, Austan Goolsbee, the former chairman of the Council of Economic Advisers, said, "I think there's a lot wrong in the housing market. If Fannie and Freddie would start enabling people to rent out the vacant homes, that would also help." YEAH, RIGHT. GOOLSBEE IS AN IDIOT

Some foreclosure facts:

The mortgage loans which are currently under the foreclosure process is amounting to almost $45 billion (that is mainly in terms with negative equity)

More than almost 12 million homeowners are currently considered to be underwater, who are still making payments

There are more than 1.5 million of the homeowners, who are at least 50 years or even older and may have lost the home to foreclosure, since the year 2007, when the mortgage crisis actually began

The government has monitored the settlement program, and has reported that the 5 most significant banks has provided around $10.6 billion in total, as the aid money starting from only from March 1 through that of June 30.

Almost close to 140,000 numbers of homeowners has received at least one or the other type of mortgage debt relief, with respect to the mortgage settlement program, averaging to around $76,615 amount every person.

Since the year 2010, almost 270 churches have gotten sold off, after they have defaulted on the mortgage loan payments, and the 90 percent of the home sales resulted after foreclosure chain which was triggered off by the lenders