Obamamanomics: Foreclosures Worst In 3rd Quarter Ever

Ken McCracken  •  October 15, 2009

President Obama Speaks On New High Speed Rail System For Country

It’s not that we haven’t had bailout after bailout for the last 18 months.

NEW YORK (CNNMoney.com) — Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.
“They were the worst three months of all time,” said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.

Despite? Can you say because. If government hadn’t been interfering in the market in the first place we never would have had the bubble.
What they’re doing is dragging out the problem (created by the government) rather than let the market solve it.

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  • http://Array sayanything-42

    Unintended consequences remain a beatch.

  • robert108

    Not only is there no “recovery”, but things are getting worse, with no end in sight. All the subsidies have simply spawned bubbles, which will collapse. The ensuing crises will then be used to justify more spend and tax.

    There is only one way to generate economic growth: enabling the investment of privately owned and controlled capital to make a profit. Nothing else works.

  • sayanything-2407

    Got to love this post’s picture…

    Great Caption would be……

    Even Joe Biden is laughing at you behind your back Obama.

  • http://www.learcapital.com/exactprice haljett

    You are so right that they caused the problem in the first place. All the way back to the 90′s. And all they are doing now is a series of decisions that will magnify the problem.

  • robert108

    While I appreciate your statistical exactitude, these numbers cannot be spun into anything that supports the claimed “recovery”.

  • sayanything-5371

    As long as Americans buy foreign brand autos and chinese made goods that increase the trade deficit we will be a debtor nation. Real economies are based on materials that come out of the ground like mining, minerals, farming, forestry and manufacturing goods from those resources. This green do nothing build nothing dot com bullshit won’t generate prosperity or jobs.

  • sayanything-48

    Sadly, the retail foreclosures haven’t really started yet… and those that were paying their mortgage prior to being laid off will be another wave of the home foreclosures…

    But, HEY… at least we stopped those damn banks from red-lining people with limited ability to pay the debt back… WHEH… Thank GOD for that!

  • sayanything-43

    Carrick, Thomas Sowell in his book on the housing meltdown asserted that the main problem was even more localized to a few counties in those states.

  • sayanything-12

    Agree with you jimmypop. That’s not particularly rosy either, but I don’t see a comparison to historical numbers.

    If you look at the CNN map of affected states, it’s interesting that most of the problem remains in the west.

  • sayanything-8606

    That is Obama change. He is right on target. Now he will save another 300,000 jobs, whatever that means.

  • jimmypop

    yes, its bad, but the real number needs to be % of foreclosures vs homes owned not the actual number.

  • sayanything-1317

    Here, I’ll just say all the liberal responses to save them time:

    He’s only been in office 9 months. You can’t expect him to fix it this quick.
    Give him a chance!
    You’re just mad cause of your failed policies.
    30 years of blah blah blah
    It would’ve been much worse if we’d done nothing!

    Forgive me if I missed any.

  • sayanything-3444

    I work with some of the top money managers here in Pittsburgh to advise me on my investments and retirement accounts. Even they are doubtful of what they see happening in the economy being any indication of a sustainable recovery. The run-up in the DOW is encouraging, but the devaluation of the dollar and continuing collapse of the housing market along with high unemployment are sending out the same kind of jumbled signals we saw last October. I suspect we will see both market and economic contraction soon, although hopefully not as severe as last year. The so-called stimulus has done nothing to stave that off, in fact if anything it has served to make things worse by instilling false confidence in some, and false hope in many.

  • http://sayanythingblog.com robport

    Hope for change.

  • http://sayanythingblog.com robport

    The “trade deficit” is meaningless. We buy chinese goods because they have value.

    The problem isn’t trade with china. The problem is our irresponsible government spending.

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