1 out of 196 people to lose homes nationwide.

[lonestarnot]

There was one foreclosure filing for every 196 households, in AZ 1 in 192 and this idiot blames the home buyers.

http://customwire.ap.org/dynamic/stories/F/FORECLOSURE_RATES?SITE=KTVK&SECTION=HOME&TEMPLATE=BUSINESS.html&CTIME=2007-11-01-11-52-28

By ALEX VEIGA
AP Business Writer


LA (AP) -- A soaring number of U.S. homeowners struggled to make mortgage payments in the third quarter, with properties in some stage of foreclosure more than doubling from the same time last year, a mortgage data company said Thursday.

A total of 446,726 homes nationwide were targeted by some sort of foreclosure activity from July to September, up 100.1 percent from 223,233 properties in the year-ago period, according to Irvine-based RealtyTrac Inc.

The current figure was 33.9 percent higher than the 333,731 properties in foreclosure in the second quarter of this year.

[Bjorn Against]

1. This is absolutely horrible...

The numbers of homeless are going to skyrocket. This is what happens when right-wing economic policies are put in place, the rich get richer and the poor lose everything.

[lonestarnot]

2. Pugs keep on pug'n

[Cronus Protagonist]

3. It is horrible, "loose" is just not the correct spelling

That often horrifies me.

:P

[lonestarnot]

6. oops thanks oooo's carried away.

[Cronus Protagonist]

4. Surely you mean the numbers of renters will be skyrocketing

Few who have good enough credit to own a home will be homeless if they lose it. They'll just rent instead. No big deal, really. A lost business investment is not good, but it's not the end of the world.

[Bjorn Against]

5. Not everyone who owns a home is as well off as you think

Many of these foreclosures are going to be hitting low income people, losing a home is no small thing it is more than just a simple business investment.

[lonestarnot]

7. Nope bad fucking news there too. Rents way up and continuing to climb.

Want a link for that too?

[lonestarnot]

8. Well here you go anyway.

http://www.azfamily.com/news/local/stories/KTVKLNews20070912_housing-prices-income.c7e2a7df.html

Study shows housing prices outpacing income in rural Arizona

06:43 AM Mountain Standard Time on Wednesday, September 12, 2007

By The Associated Press

PHOENIX -- New state figures show rural housing prices are outpacing incomes.

Most police officers, teachers, nurses and firefighters can't afford homes in the small Arizona cities of Casa Grande, Holbrook, Globe, Safford, Sierra Vista and about a dozen others.

That's according to an Arizona Department of Housing study released today.

In addition, retail and restaurant workers can't comfortably buy or rent anywhere in Arizona.

Even with the recent slowdown in the housing market, wages across the state haven't kept pace with rising housing costs.

Overall, Arizona's median home price climbed 85 percent since 2000 to hit $260,000 at the end of 2006 while the state's median household income increased only 15 percent to reach less that $55,000.

[lonestarnot]

9. And here is another

http://www.azfamily.com/news/consumer/stories/KTVKLNews20071018_western-rents.181afe539.html

Western apartment rents still rising amid home-buying slump

08:37 AM Mountain Standard Time on Thursday, October 18, 2007

By The Associated Press

SAN FRANCISCO -- A quarterly survey shows that apartment rents throughout the western United States are still on the rise.

The average cost of renting an apartment in September increased from last year in all 20 major Western markets covered by Novato, California-based research firm RealFacts.

Los Angeles and Orange counties in California remain the West's most expensive metropolitan market to lease an apartment, with rents averaging $1,630.

...

The average rent in metro Phoenix area is $815 a month -- up 3.2 percent from the same period last year.

(Copyright 2007 by The Associated Press. All Rights

[MissB]

10. I couldn't believe it when I looked at rental prices last month.

In our city, a rental in the crappy part of town costs more than my mortgage. Of course, that is a small two bedroom house, not an apartment, so I suppose that somehow justifies having to pay $1500 a month to rent a *house* in a neighborhood where there is still gang activity.

Funny, the same section (homes, Sunday edition) from the week before talked about the intense competition for affordable rentals. People were showing up to view rentals in suits/ties with references in hand.

[earth mom]

12. People's dreams are bursting & it's "no big deal"?!

:wtf:

Maybe you don't own a home, but this would be devastating to me. Totally.

[Cronus Protagonist]

13. It would also be devastating to me

If I were a real estate investor or homeowner as some call it AND it would be devastating to lose my rental too. Why would it be worse for a homeowner? Aren't there any renters losing their belongings?

[SoCalDem]

15. It kind of IS a big deal in some markets.

Around here a credit report check is part of a rental application, so if you have lost a house, have bad credit or have filed for BK, you won't be getting a very nice place to rent, even you could afford the rental.

My son found this out the hard way a few years ago..HE has great creidit and easily qualified for his $975 a month 2 br apartment..(just on HIS income alone), BUT his proposed roommate had had a car repo-ed TWO YEARS before the fact, and the rental people told my son that he could NOT have his friend live there with him....he even offered to pay 6 months in ADVANCE, but they said no. He had to scramble and find a new roommate..

The nicer the place, the MORE likely one will have to have a detailed credit check..

[mmonk]

11. A new super fund is being established.

A group of money center banks led by a major bank was organized to create a super fund called the Master-Liquidity Enhancement Conduit which will provide $100 billion to improve the subprime situation. This fund will act as the buyer of last resort for distressed assets backed by subprime mortgages and their deriatives.

[lonestarnot]

14. Will this fix it? No.

[Atman]

16. But the economy is GREAT!

I just heard from my wife that pharma giant Glakso Smith Kline (GSK) is the next one to lay off thousands. But hey, the economy is GREAT - as long as you're already doing GREAT!

.