Posts tagged as:

great depression

Stressed businesses stressing local banks

by Moe Bedard

The latest Federal Deposit Insurance Corp. reports show that all eight of the national and regional banks doing business in the Pensacola area as well as five of the eight locally based banks are seeing the fallout from a stressed commercial market.

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Ohio man losing home and job shoots co-workers then commits suicide

by Moe Bedard

COLUMBUS, Ohio — The man who shot two co-workers inside an Ohio State campus building before committing suicide on Tuesday morning learned last week that he was getting fired.

Nathaniel Brown was already struggling to keep his home from going into foreclosure, 10TV’s Maureen Kocot reported.

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Chase Banks says foreclosure home sales may be higher in 3 years

by Moe Bedard

Efforts to modify loans and delay foreclosures may have helped hold down the stock of foreclosures for sale in the second half of 2009, fostering home-price stabilization. But that cure could require different medicine: an elevated level of foreclosures for sale over the next three years.

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It could be 10 years before banks get out of this mess

by Moe Bedard

“This is absolutely the worst market I’ve seen,” said Hawking, a commercial lender for 30 years who is chief lending officer at Crestview Hills-based Bank of Kentucky Financial Corp. “I never thought I’d see property values drop 30 to 50 percent and demand so tepid with prospects so uncertain. If a bank has exposure to [...]

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If you feel you have it bad, I most likely had it worse

by Moe Bedard

What are you going to do? You better start thinking of ways to make money. Legit ways to work from home and live a great lifestyle can be had by you. Look at me. I am know one special. I dropped out of high school at 17. I am a former alcoholic and drug addict. [...]

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More family members living under same roof to survive

by Moe Bedard

This shift in homeownership comes as unemployment hovers just under 10 percent and many consumers are being dealt wage cuts.
College graduates unable to get jobs are often returning to their parents’ homes.

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Renting Is Better For The Poor

by Moe Bedard

While suffering through the Great Depression, my grandparents never faced the challenge of making a fixed mortgage payment. Instead, they rented and moved every year. Their circumstances dictated whether it would be a move to a larger or smaller apartment. But mostly, in that era of deflation that lowered wages and prices, they were driven [...]

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Five California Cities Redlining

by Moe Bedard

The California Reinvestment Coalition’s new research in five California cities shows re-redlining happening through a pattern of concentrated predatory lending and foreclosures, combined with higher denials for new, prime loans in neighborhoods of color. Based on original research using seldom analyzed lending and loan modification data, the report looks at how banks, including the largest [...]

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2010 Housing Crisis Will Be Even Uglier

by Moe Bedard

The housing report card is ugly. In the past two years, the housing market has lost an estimated $4.9 trillion dollars, as 59 million homes have declined in value.
Nearly 1 in 4 homeowners — 10.7 million households nationwide — are underwater on their mortgages. They owe more than their home is now worth.

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Mortgage Bankers Say Job Market Looks Grim in 2010

by Moe Bedard

WASHINGTON -(Dow Jones)- U.S. economic growth is expected to hold steady in 2010, but new jobs will be scarce–a problem that will likely have a major impact on homeowners, the Mortgage Bankers Association said Tuesday.
Jay Brinkmann, the group’s chief economist, said he expects the nation’s unemployment rate to hover around 10%, signifying that while the pace of lay- offs [...]

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Foreclosures Causing Mass American Migration

by Moe Bedard

The real estate recession, which has frozen more then 10 percent of homeowners in their homes, has slowed domestic migration dramatically in many states in the South and West, including Nevada, Arizona, Idaho, North Carolina, South Carolina and Montana.

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Back Log of Foreclosures Estimated at 1.7 Million

by Moe Bedard

WASHINGTON — A report says about 1.7 million homeowners were on the verge of foreclosure in the fall, a looming “shadow inventory” of homes that will come on the market for sale over the next several years and weigh down prices.
Read more from the AP

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My husband, myself and our 6 babies will literally be on the streets

by Moe Bedard

We need help desperately!! We have 6 children and we love the neighbors and school we have! we have had this loan for 1 year, and for about 1 year we have been treated like idiots by B of A! I have sent in paper work and took all the “necessary” steps for a “modification” [...]

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American Dream of Homeownership on Life Support

by Moe Bedard

The billboards and roadside ads lining Stockton’s streets like campaign signs repeatedly proclaim: “Mortgage Modification Works!” and “Call for Loan Modifications!”  I counted five of them on one block alone, and together they created the impression that help had arrived.  Yet I knew they were scams, with anonymous local phone numbers and little other identification, [...]

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Housing Experts Predict 45% Fall in Home Values

by Moe Bedard

The bubble has popped and housing prices have plunged all over the country. Yet, some housing experts claim that there is still a lot of hot real estate air to be released from the past bubble and predict even more agony to come to suffering property owners.
The 10 major cities in the Standard & Poor’s/Case-Shiller home price index [...]

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Commercial Real Estate Blood Bath to Begin

by Moe Bedard

Commercial real estate — including shopping centers, office buildings and industrial property — will hit a low point in 2010 not seen since the Great Depression, according to a national survey of real estate executives.
Values and rents will plunge, and vacancies and defaults will soar across all types of commercial property before the market rebounds [...]

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22% Increase in California Foreclosures for October

by Moe Bedard

Foreclosure repossessions in California increased 22.24% from September to October, according to data released by ForeclosureRadar.com.
Last month’s foreclosures increased 20.95% from October 2008. October’s foreclosures were 42.56% below California’s peak month of July 2008, but since then, the inventory of real estate owned (REO) properties has grown 131.36% in California.
“While we continue to see a [...]

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A Group of Economists Predict Painful Times Ahead

by Moe Bedard

7. This recession is very different, and comparisons to past recessions are not good predictors. There has never been a worldwide banking collapse like this since the Great Depression.
8. Real estate will go back to being a long-term investment instead of a trading vehicle as it became in the last 15 years.
9. The Internet has [...]

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Americans Repeating Great Depression Mistakes

by Moe Bedard

For the past several months, investors have been acting like it’s 1999, the first year when the Dow crossed 10,000, and stocks took off in complete disregard for reality. Yet the atmosphere then and now couldn’t be more different. Back then, stocks were frothier than real businesses, no doubt. But today, American job prospects are [...]

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“Huge Commercial Real Estate Crash Coming” – Wilbur Ross

by Moe Bedard

This has been mentioned on my blog for the last two years and now it looks like the dominoes are really starting to fall in commercial real estate. I am predicting the crash of 2010-2012 will wipe out 25-40% of all small to large sized US businesses and thus devastating the commercial sector.
The trickle down affect from lost jobs, more [...]

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