Foreclosures

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Nate's picture
Nate
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Joined: 16-12-05
Jul 12 2007 03:40
Foreclosures

seem to be up and rising across the US. Definitely in the area I live in. From here -

Quote:
Foreclosures prompt Ramsey County sheriff to seek 2 new deputies
Saturday, July 07, 2007

ST. PAUL (AP) The Ramsey County sheriff's office is so busy with home foreclosures that it is asking county commissioners for approval to hire two more full-time deputies.

The salaries of the additional deputies would be covered in part by the extra money the sheriff's civil division estimates it will get from foreclosure fees. The sheriff's department charges $250 for each foreclosure it processes.

The sheriff's office says the rapid growth in home foreclosures is taking away from other duties such as serving restraining orders and handling court-ordered child pickups.

The county board is set to consider the request on Tuesday.

So far this year a St. Paul Pioneer Press analysis shows that about 5,000 families have lost their homes in the Twin Cities area. That's more than in all of 2005.

Ramsey County alone had recorded 1,027 foreclosure sales as of mid-June, according to the request. The county handled 1,407 foreclosure sales during all of 2006.

There's about 700,000 people in the Twin Cities, I don't know how many in the greater Twin Cities area. Ratio of people losing homes in the Twin Cities area so far this year to people who live in the Twin Cities = 1 in 140.

syndicalistcat's picture
syndicalistcat
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Jul 12 2007 03:51

a lot of this is due to the predatory sub-prime lending, which leads people into untenable financial commitments.

MJ's picture
MJ
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Jul 12 2007 03:54

Yup.

They're preparing a big bailout in our state.

R.R. Berkman's picture
R.R. Berkman
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Jul 12 2007 04:28

Stupid Americans. There is an obvious answer to this problem.

Just get a job as a full-time deputy sheriff. Then pay your mortgage.

Duh.

jef costello's picture
jef costello
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Jul 13 2007 01:44

I had a quick google but couldn't find any decent stuff, but in London there were phone trees organised for anti-bailiff action during the anti-Poll tax campaign.
If there's nothing on libcom maybe HSG might be a good place to look.

I found this http://www.revolutiondestroyed.net/pt-defending.htm some of it is interesting but the guy is clearly nuts.

from WAG leaflet on bailiffs wrote:
Direct Action

This type of grassroots direct action hap-
pened during the campaign against the
hated Poll Tax in 1990-1991. As millions re-
fused to pay, local councils tried intimida-
tion - and the widespread threat of bailiffs
But there was a network of community-
based anti-poll tax groups up and down the
country who organised so that people
could stick up for each other. Crowds
turned up outside the houses of those fac-
ing threats and often turned the bailiffs
away. Bailiffs' offices or own homes were
visited and occupied, to give them a bit of
their own medicine. These actions made it
almost impossible for many bailiffs firms to
do their dirty work and many went bust.

Nate's picture
Nate
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Jul 13 2007 04:16

I used to work with a guy who was part of this kind of stuff in Pennsylvania when a lot steelworkers were losing their jobs, I can't remember the name of the town or the era, it was around the time and place that there was a push to re-open or keep open a steel mill using eminent domain law.

Steven.'s picture
Steven.
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Jul 13 2007 09:44

I read something about people in Southampton banding together to kick out some bailiffs maybe 2 years ago.

jef costello's picture
jef costello
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Jul 13 2007 10:30

WMA said something about bailiffs from Brighthouse being thrown off the Bartley Green estate, it was only a passing reference though, WTY might have more info.

MJ's picture
MJ
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Jul 21 2007 07:16

This and the "Credit Crunch" thread should be merged smile

http://quote.bloomberg.com/apps/news?pid=20670001&refer=&sid=a4qa.rYTWyYA

Miami Condo Glut Pushes Florida's Economy to Brink of Recession

Quote:
The oversupply will force prices down as much as 30 percent, the worst decline since the 1970s, and help push Florida's economy into recession as early as October
Quote:
While the housing industry is responsible for 10.6 percent of the nation's jobs, in Florida it accounts for 20 percent, Zandi said. Florida construction jobs fell 2.9 percent in May to 626,200 from the peak in June 2006, according to the U.S. Bureau of Labor Statistics.

The national housing industry's weakness prompted Federal Reserve policy makers this week to cut their forecasts for U.S. economic growth for the next two years.

The economy will grow by 2.25 percent to 2.5 percent in the fourth quarter of 2007 from a year before, compared with a range of 2.5 percent to 3 percent the Fed predicted in February, the board said in a report to Congress.

Florida's robust economy of 2001 to 2005 was driven by the thousands of well-paying jobs related to the real estate market and homeowners who used home-equity loans to pay for items such as boats and big-screen TVs, McCabe said.

``All those jobs are going away now, and we're seeing the trickle-down effect in declining sales in big-box retailers and home-furnishing manufacturers,'' McCabe said. ``Florida is headed to a recession.''

Quote:

Florida banks posted a 43 percent jump in the first quarter in loans no longer paying interest compared with the last three months of 2006, while the number for banks nationwide rose 13 percent, according to the FDIC.

Loan payments that were one to three months overdue to Florida banks increased 30 percent in the first three months of 2007 from the fourth quarter of last year. The same number for banks nationwide fell 1.8 percent, the FDIC said.

Quote:
``The market is as close to a depression as Miami has seen in 30 years,'' Eichner said. ``There's a gargantuan supply of homes and the overwhelming preponderance were built for speculators, not for people who are living there.''

As much as half of those putting down deposits for Miami condos are speculators looking to flip units, or sell them quickly for a profit without living in them

baboon
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Joined: 29-07-05
Jul 31 2007 16:53

It's not the "sub-prime" market that's the problem - it's just that the problem has been expressed here first. The problem is that state capitalist measures to keep the economy afloat, an important one of which is the extension of credit, are showing their inherent short term weakness. The extension of credit is not a solution to the crisis of capitalism but a temporary amelioration which will come back and hit the system in spades. And the amount of individual debt is nothing to the state debt of the richest country in the world - the USA.
700,000 to lose their homes in the USA this year. Foreclosures on bad US home loans up by 58% in the first half of the year. Rates of repossessions of homes in Britain rising dramatically. IKN Deutsche Industriebank of Germany issuing profits warnings down to bad credit. Leveraged buy-outs, hedge funds and, eventually, pension funds, will all be affected. Capitalism doesn't work by giving money away and given that this has been its policy for some years now, chickens will come home (if they've got one) to roost.