Sinking Of Western Civilization: Over 25% of Homes in America ‘Underwater’

Bloomberg Reports:

More than 28 percent of U.S. homeowners owed more than their properties were worth in the first quarter as values fell the most since 2008, Zillow Inc. said today.

Homeowners with negative equity increased from 22 percent a year earlier as home prices slumped 8.2 percent over the past 12 months, the Seattle-based company said. About 27 percent of homes with mortgages were “underwater” in the fourth quarter, according to Zillow, which runs a website with property-value estimates and real-estate listings.

Home prices fell 3 percent in the first quarter and will drop as much as 9 percent this year as foreclosures spread and unemployment remains high, Zillow Chief Economist Stan Humphries said. Prices won’t find a floor until 2012, he said.

“We get tired of telling such a grim story, but unfortunately this is the story that needs to be told,” Humphries said in a telephone interview. “Demand is still quite anemic due to unemployment and the fact that home values are still falling. And that tends to make people more cautious about buying.”

The U.S. unemployment rate rose to 9 percent in April, up from 8.8 percent in March, the Department of Labor reported May 6. Home prices have fallen almost 30 percent from their June 2006 peak, wiping out more than $10 trillion in equity, including $667.5 billion in the first quarter, Humphries said.

Dropping Home Values
Other analysts also expect homes to continue losing value this year. Oliver Chang of Morgan Stanley expects prices to fall as much as 11 percent, according to an April 25 report. Prices may fall “another 5 or 10 percent,” Robert Shiller, an economics professor at Yale University, told Fox Business on April 26. Home prices were 33 percent below the July 2006 peak in February, according to the S&P/Case-Shiller Composite 20-City Home Price Index, co-created by Shiller.

Prices will continue falling as more houses are lost to foreclosure, flooding the market with distressed properties, Humphries said.

Foreclosures fell to the lowest level in three years in the first quarter as lenders worked through a backlog of flawed paperwork, according to RealtyTrac Inc., an Irvine, California- based real estate information service. Foreclosure filings are likely to jump 20 percent this year, reaching a peak for the housing crisis, RealtyTrac predicted in January.

The number of homes with negative equity rose to 16.2 million in the first quarter from 13.1 million a year earlier, Zillow said.

Comments (134)

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  • graywolf11
    Posted on May 10, 2011 at 9:28am

    Just becasue you are not one today, does not mean you won’t be one tomorrow. I am underwater, not becasue of something stupid I did but becasue our property values have gone in the toilet. I will never get out of this house what I put into it, and it is depressing as hell. But, I still pay the mortgage–each date hating my home a little more. Try not to be so quick to judge others.

    Report Post »  
    • Rickfromillinois
      Posted on May 10, 2011 at 1:14pm

      Of course allot of people got burned in the bubble burst, but how did it happen in the first place? It happened by banks giving out sub-prime loans to questionable borrowers after being pressured by the government. Easy loans drove the price of homes up. People were getting loans for houses that cost hundreds of thousands of dollars who were not in reality qualified to do so. This meant that other people who were qualified ended up paying more for the home then it was really worth, then the bottom dropped out. The end result is millions of houses in foreclosure, many of which were gutted of wiring and plumbing when the residents moved out, and many people are now underwater with their mortgages. If people want to blame anyone for this boondoggle, blame Congress. Send a thank you letter to Barney Frank and Chris Dodd, but those who are having their houses foreclosed on should not try to put all of the blame in the evil banker’s laps.

      Report Post » Rickfromillinois  
  • SLR Cameras
    Posted on May 10, 2011 at 9:28am

    I am so happy that the democrats can cause this problem and then turn around and try and blame it on everyone else. If people would have just been conservative this wouldn’t have happened.

    Report Post »  
  • NOBALONEY
    Posted on May 10, 2011 at 9:22am

    The worst flooding of the Mississippi River since 1934. Both record floodng happened during serious financial downturns. It took WW 2 for america to pull out of the depresion. What will it take to get us out of defit/budget/debt ceiling mess we are in ?

    Report Post » NOBALONEY  
  • 5410amh
    Posted on May 10, 2011 at 9:18am

    This just goes to show you. Don‘t buy a house you can’t afford (granted if you lost your house because you lost your job but you could originally afford it, then that another thing). And if you have some money left over at the end of the month after you pay the bills. Take that left over money and use it to pay off your house. Always do your best to pay off your house early.

    Report Post »  
    • sWampy
      Posted on May 10, 2011 at 10:55am

      If you are 1/3 upside down or more, pay your mortgage only, and put the extra away, don’t throw it in a money pit. If you can’t pull out of it, let the bankers that caused most of this crap in the first place take the loss, we will bail them out. The government won’t bail you out if you loose your house and have zero in a rainy day fund and the wrong color skin.

      Report Post »  
    • Rickfromillinois
      Posted on May 10, 2011 at 12:15pm

      It was the banker’s fault for giving the loans and not the borrower for borrowing more then they could afford? There is a little thing called personal responsibility. I am no kind of financial genius but I knew that I could not afford a loan anywhere near to what the bank was willing to give me and acted accordingly. I am tired of hearing from the whiners who keep complaining “it‘s the bank’s fault! They loaned me more then I could afford to pay back”. I am not saying that the banks are blameless but at the same time since I have never heard of a bank giving a mortgage loan to a minor I can only assume that adults were the ones getting loans and they should have known better then to borrow more then they could afford. Also throw the government into the mix. I can remember watching Barney Frank more or less threatening banks if they didn’t start giving loans to people who were not even close to being the best prospects for giving a loan to. Remember the saying that was popular from the Democrats for a while and still is heard every now and then? “Everyone has the right to own a home”. Not the chance to own one if they can afford it. Just the right to own one.

      Report Post » Rickfromillinois  
  • love the kids
    Posted on May 10, 2011 at 9:11am

    Listen,
    The houses really aren’t worth that much in the first place. I live in western NY, and our homes stayed the same price the whole time. The actual cost of materials to build a 2000 square ft home is about 100,000 dollars. Add 75,000 for labor if you don’t do it yourself. That is with granite countertops, tile or hardwood floors and oak woodwork trroughout.
    Recently, we were in LA visiting a family member. He was showing us a house that was currently for sale at 4.9Mil. It has been for sale for 2 years and started at 6.49 Mil. I looked at the house, and can honestly say it was not built as well as my house. Studs were 2 foot on center, insulation was in question, the roof was no where near as strong as we need for the snow load. I would not have paid 250,000 for the house. Recently on “The View”, a realestate agent showed a house to them from WNY, and they were guessing the value around 4 million, the actual listing was like 300,000. It was a beautiful home. The truth is that these houses really aren’t worth that much, and until people realize this and let the system reset, we are going to dig ourselves into a deeper hole.

    Report Post »  
  • woodenbadger
    Posted on May 10, 2011 at 9:10am

    I looked up my house yesterday on Zillow and it tanked in value along with the whole city, one house was sold I think for under 20 grand, My home is worth 88 and I owe 120. Good luck everybody.

    Report Post »  
    • Salamander
      Posted on May 10, 2011 at 9:22am

      Hang in there Woodenbadger! Your home is apparently worth $88K to others, but $120K to you. Asset values vary with market but their utility value rests with the owner. If you were to ‘walk away’ from your ‘financial obligation’, you’d be out of a place to live. If it ‘costs’ you more than $32K to replace your home, you’re better off staying put and enjoying your surroundings. I guess you could buy a nice car for that-and live in it; but, where would you put ‘all your stuff’–in storage? You could sell everything and ‘go commando’! But, those aren’t good ideas! Be glad the banks cannot call the loan or demand you put up more collateral to keep it–as with a margin loan in the securities markets. The housing market is sick because people don’t have jobs! Once they have jobs, they will reset the valuation of housing as the utility of the asset begins, once again, to outweigh the financial value!

      Report Post »  
  • JohnnyJT South Philly
    Posted on May 10, 2011 at 9:01am

    I knew something was wrong when one day your house worth around $75,000 – $80,000 and the next day it’s worth $200,000 and people took out mortgages for these Over Inflated houses.

    Report Post » South Philly Boy  
    • adastra2005
      Posted on May 10, 2011 at 1:46pm

      Heck. If it was worth $200,000, the mortgage companies were willing to lend you $240,000! How did anyone not understand that kind of practice was dangerous?

      Report Post »  
  • Rickfromillinois
    Posted on May 10, 2011 at 8:58am

    I know that it is popular to blame the bankers for giving out the loans but I seem to remember Barney Frank and Maxine Waters pressuring Loan institutions to give mortgage loans to those who normally would not be eligible for one. Fannie and Freddie are asking for another 8 billion for this quarter because of bad loans. Funny that when Democrats are blaming everything on the bankers they never mention their darlings Fannie and Freddie. The heads of those organizations even get bonuses in millions of dollars for the number of loans they give out. Not the number of GOOD loans, or the amount of PROFITS, but for the number of loans. No wonder their are so many homes under water. The easy loans that people could get without even proof of being employed let alone of income drove the prices of homes through the roof and then the bubble burst and the values dropped like a rock. I have heard that it may take anywhere from 5 to 10 years to get over this boondoggle. Then let’s not forget another very important factor and that is the high unemployment. Jobs that should have been safe for almost a workers entire life suddenly were gone. A big mess and a big factor in the creation of the mess is the government.

    Report Post » Rickfromillinois  
    • Oldphoto678
      Posted on May 10, 2011 at 9:45am

      Oh, please show where one person got a loan for a house without a job.

      Report Post »  
    • Rickfromillinois
      Posted on May 10, 2011 at 12:05pm

      Watch some financial programs once in a while. The people who were applying for loans only had to sign a statement stating where they worked and how much they made. One example….me. I did not have to show a pay statement, W-2 form, or anything else when I bought my home. I could have but was never asked, just signed a statement. As I understand it things have tightened up a whole lot, but a few years ago, no.

      Report Post » Rickfromillinois  
  • winstonchurchill
    Posted on May 10, 2011 at 8:56am

    So, in 2008, instead of giving every homeowner the opportunity to refinance their home to “current market value” and stopping the rot. Obama (Mr I ) decided to bail out his favorite car companies!! Smart? I don’t think so. By doing that, people would have had some extra money in their pockets to STIMULATE THE ECONOMY!!!

    Report Post » winstonchurchill  
    • Gonzo
      Posted on May 10, 2011 at 9:52am

      So, for example, you think that if I buy a 2011 Cadillac Escalade on a 60 month loan, I should be able to refinance it at the current market value in 3 years? It‘s got 60K miles on it and I haven’t changed the oil yet so, it’s worth half the original value and I can refinance the last 3 years at that price? I hope you don’t work for my bank.

      Report Post » Gonzo  
  • Mateytwo Barreett
    Posted on May 10, 2011 at 8:55am

    Interesting that property values are falling now, isn’t it?? I feel like a GM stockholder 2 years ago. Oh, wait I was one!!

    Report Post » Mateytwo Barreett  
  • dadsrootbeer
    Posted on May 10, 2011 at 8:52am

    But Obammy says we are in the summer of recovery. Wait, that was last year.

    Report Post » dadsrootbeer  
  • PatrioticAmericanDad
    Posted on May 10, 2011 at 8:52am

    Don’t worry about a thing. The Obama Regime has it all covered. Didn’t we pass a huge Financial Bill to make sure we had clear sailing, economically speaking. We live in a time when we are expected not to pay attention to the facts, just keep paying taxes. I pray for my kids, grandkids, and my country.

    Report Post » PatrioticAmericanDad  
  • TRONINTHEMORNING
    Posted on May 10, 2011 at 8:49am

    I am the administration’s worst nightmare. I own my home, I have a job; I am a saved soul, thanks to Christ and I am a huge supporter of the American military–oh, and by the way–I have a microphone at a radio station at which I get to state the truth about this deplorable president and his minions.

    And I read the BLAZE and send people there every morning on my show. {:

    Report Post »  
    • Liberal_Atheist_Critical_Thinker
      Posted on May 10, 2011 at 8:53am

      I am the Blaze’s worst nightmare. I own my home, I have a job; I am a critical thinker, thanks to scientific training, and I have been a member of the American military–oh, and by the way–I have a keyboard at at my computer which I get to state the truth about the irrational comments I read here and Glen’s minions.

      And I read the BLAZE and send people there every morning from my points of contact. {:

      Report Post » Liberal_Atheist_Critical_Thinker  
    • Delta D-5-3
      Posted on May 10, 2011 at 9:34am

      Liberal_Atheist_Critical_Thinker;

      I highly doubt someone who touts themselves so much, someone such as yourself is anything BUT a ‘critical thinker’. I also doubt someone, such as yourself has the courage to join our military. But thanks for the laugh anyways!! Now go back back to your boss George Soros and tell him your doing a great job spreading his vial Atheist crap. God is great and he will judge those who serve evil. Good day………….

      Report Post » Delta D-5-3  
    • Liberal_Atheist_Critical_Thinker
      Posted on May 10, 2011 at 9:42am

      I was in the Air Force for 4 years, and received an Honorable discharge. You simply can’t believe someone can join the military and be a progressive. You might want to explore your biases and false assumptions.

      Report Post » Liberal_Atheist_Critical_Thinker  
    • lineinthesand
      Posted on May 10, 2011 at 9:47am

      Liberal_Atheist_Critical_Thinker
      “I am the Blaze’s worst nightmare. I own my home, I have a job; I am a critical thinker,”

      Uuuhhh, sorry dude, but a ‘critical thinking liberal’ is the quintessential oxymoron….heavy on the moron. Not to mention the arrogance that liberals like you exhibit and as a homeowner I can bet you have had to enlarge the doorways of your house to accomodate your enlarged head. Give me a break pal…you have not given a fact in your posts, only your opinion. And again, like a true liberal, you choose to ignore facts and believe that your opinion IS fact. Yeah, you do have one thing right..you are a nightmare.

      Report Post »  
    • Liberal_Atheist_Critical_Thinker
      Posted on May 10, 2011 at 9:55am

      What facts do you want to debate?

      Report Post » Liberal_Atheist_Critical_Thinker  
    • TheWilderness
      Posted on May 10, 2011 at 11:12am

      LACT- If you have to tell people you can think critically, then you really can’t…

      You purport to have a greater ability to think than the rest of us, which, frankly, is just silly.

      Tell us, what exactly it is that makes “critical thinking” so closely tied to liberalism and atheism.

      Since you are both of those things, then surely you must know. In fact, you must be the greatest and have an answer. Clearly you have some insight to some universal truth that led you to be this was. Edify us. Get us past the “life is a statistical anomaly” cop-out argument that has been so worn out.

      Given the amount of time you’ve spent trolling here, then surely you can see how much of a tool you look like. Not to be offensive, but c’mon, you’re getting played. You’re playing right into the hands of the editors, posters and moderators. The best way to weaken your opponents, is to tune them out. Acknowledgment is a way, a form of admission.

      Report Post »  
    • 13th Imam
      Posted on May 10, 2011 at 3:54pm

      Crickets,, Crickets, AlI hear are Liberal Crickets

      Report Post » 13th Imam  
  • positive1
    Posted on May 10, 2011 at 8:47am

    The New World Order has succeeded in creating the world’s largest plantation. We slaves will be free to work 50+ hours a week to pay for food, clothing, gas and all the hidden taxes that have replaced the income tax. If you step out of line, your Government Job or Corporate America job will be taken from you and given to someone else. Now shape-up, shut-up and get to work, we have our cameras watching you! The Road to Serfdom has been paved to every front door in America if you have a mortgage and consider yourself middle class.

    Report Post »  
  • barrycooper
    Posted on May 10, 2011 at 8:43am

    Would somebody please read this and give me feedback? http://www.goodnessmovement.com/Page14.html

    This problem has a solution, and that solution begins–as all solutions tend to–with an understanding of the nature of the problem. Our system can be analytically dissected with a fair degree of precision. The guilty can be blamed without demonizing either Capitalism, or “bankers”.

    What needs to be crystal clear in all minds is that “inflatIon”–which in my view needs to be formally defined as the creation ex nihilo of purchasing power–need not lead to price increases, but that it always constitutes the transfer of wealth.

    Report Post »  
    • Hawt'n'secksie
      Posted on May 10, 2011 at 3:18pm

      I don’t have any suggestions, but I have read two of the essays so far and find them easy to read and understand. Thanks for sharing.

      Report Post » Snowleotard {gallery of cat folks}  
  • cloudsofwar
    Posted on May 10, 2011 at 8:41am

    All according to the PLAN. Transform America.

    Report Post »  
    • starman70
      Posted on May 10, 2011 at 10:20am

      First move everyone into tent cities. Then into government provided mega cities. Clear up all subdivisions and re green all these areas(return them to the wild). People tightly packed into small cramped living spaces are more easily herded into controllable groups. Socialist, Communist dictatorship tactics being applied to Americans. What more can you expect from this administration?

      Report Post »  
  • progressiveslayer
    Posted on May 10, 2011 at 8:41am

    The genesis of the housing disaster lies with Jimmy Carter,the second worst president in U.S. history right behind our current dear leader B.O.

    Report Post » progressiveslayer  
    • BurntHills
      Posted on May 10, 2011 at 9:55am

      haha, you insult ”dear leaders” everyone by calling obama one. he is a malignant narcissistic sociopath the Left recognized very early and they worked -and spent- very hard to place him where he is today.

      Report Post » BurntHills  
  • hempstead1944
    Posted on May 10, 2011 at 8:40am

    Bank got mine……

    Report Post »  
    • pappy
      Posted on May 10, 2011 at 9:23am

      @Hempstead1944 – Are you from Hempstead and were you born in ‘44? My parents were born there, grew up & went to school there & eventually ended up here in Fla. They come from Woolworth St. Right off Hempstead Tpke. (East of Meacham Av, I think)…

      Report Post »  
    • pappy
      Posted on May 10, 2011 at 9:27am

      Hempstead1944 – Of course, that is if were talking about Hempstead in L.I., N.Y…….

      Report Post »  
  • one yrs. food ration like Glenn says..
    Posted on May 10, 2011 at 8:34am

    yeah and like 1 in ever 6 Americans are on food stamps… it is mourning in America, are you any better off today than you were 4 years ago? remember that commercial from the 80′s ? Ronnie Reagan..

    Report Post » one years food ration like glenn says  
    • MidWestMom
      Posted on May 10, 2011 at 9:17am

      I certainly don’t begrudge anyone needing assistance to survive, but the key word is NEED. True need, not because they’ve learned to manipulate the system and make more money by not working.

      Out of curiosity I did a quick numbers run the other day. We are barely scraping by & I do mean scraping – we do not live extravagantly in any way. Over the last year, due to rising gas, food etc prices, we’ve sold what little extra stuff we had. Out of necessity, we buy staple groceries, plant a garden & hunt to supplement our pantry. We don’t take vacations, we drive old vehicles, we shop for clothing at thrift stores & garage sales, we have no magazine subscriptions, no newspaper, no dining out, no movies…. the list goes on. We have kept our internet connection because our kids need it for homeschooling. At this point, we live paycheck to paycheck – barely.

      Funny thing – if my husband quit or lost his job – we would make more money & have less expenses receiving public assistance. All for doing nothing….

      Report Post »  
  • TRONINTHEMORNING
    Posted on May 10, 2011 at 8:30am

    I’m with MARYLOU…Thank you Jesus for that and everything else!

    Report Post »  
  • RED-DAWN
    Posted on May 10, 2011 at 8:29am

    The answer is, let them stay in their houses even if they default on the mortgage. The new FEDERAL MANDATED SATELLITE HUD PROJECTS!

    That way, the value of all the houses in the area will be under water…..It’s so nice, us all being equal and all.

    I’m just saying.

    Report Post »  
    • vennoye
      Posted on May 10, 2011 at 9:33am

      Too many people were gullible when they used those online mortgage calculators that told you how much house you could afford. I moved in 2007 and bought a house. I felt like I knew what I could afford and bought accordingly. But when I did, I bought a house for $135,000. less than those online calculators told me that I could afford!! Am still comfortable in my less expensive house.

      Report Post » vennoye  
    • ozchambers
      Posted on May 10, 2011 at 1:34pm

      @VENNY: Back in ‘99 we bought our first house and we are still in it. The bank offered us twice the amount we decided we could afford. We laughed and bought what we could afford. Unfortunately, too many just take what they can get without planning and let others do their thinking for them. Then they vote Democrat.

      Report Post » ozchambers  
    • figusjanus
      Posted on May 10, 2011 at 1:43pm

      totally agree. I looked into it and figured I could get a 190k home max. The online calculator and my realtor told me 224k. I laughed and got what I thought was comfortable with my budget. They tried to give me an 3year ARM and a Interest only loan. I am glad I did not listen.

      Report Post »  
  • Marylou7
    Posted on May 10, 2011 at 8:27am

    All the global warming war lords are filthy rich and so are the so-called wicked bankers that Obama keeps pumping money to.

    Report Post » Marylou7  
    • Eyore
      Posted on May 10, 2011 at 8:34am

      Hey don’t get a caught up in reality
      Just believe the Progressives big lie

      If you don’t they will hurt you

      Report Post »  
  • kickagrandma
    Posted on May 10, 2011 at 8:18am

    Well, let me guess who “owns” those homes “underwater”? And, let me guess who helped them get into that mess? And let me guess who is walking away from them laughing as they go?

    I believe it is time to stand up for our neighbors. Not to “bail them out”, but to help them get their homes back, somehow, someway.

    We must go to bat for them. Show them HOW CHRISTIANITY really works and pull back the covers of darkness that satan has thrown over them, thanks to the left and the greedy people (that’s now what I want to call them, by the way) who have used and abused them to their own financial enhancement.

    Has anyone checked out net worth on the “insiders” of this administration? Starting with sorocitos on down, they are VERY WEALTHY people (?) at our expense.

    Report Post »  
    • one yrs. food ration like Glenn says..
      Posted on May 10, 2011 at 8:36am

      Yes grandma kick that door in when the bank puts the locks on… I’m right behind ya…

      Report Post » one years food ration like glenn says  
    • MidWestMom
      Posted on May 10, 2011 at 8:46am

      Grandma, I keep asking the same thing….. I just want to puke everytime I hear Obama, Van Jones, M Moore and the rest say “Spread the wealth…” while they sit on THEIR money. Anybody out there received a check from them???

      I firmly believe in free enterprise and don‘t begrudge anyone who’s made their fortune, large or small, thru hard work and the sweat of their brow. I believe most of those honest folks are helping others – without needing or wanting media spotlights, accolades or awards.

      Its becoming more & more difficult for the average person with the average wage (if they even have a job at this point) to help others. But we must. Even if its 1 can of food a week to your local food bank or someone you know personally. My grandma taught me, no matter how bad off you are – there’s always someone who has it worse.

      I agree the “uncovering of America” must go on but I fear it may be too little, too late. As said by many – at this point we should plan & prepare to take care of ourselves and our families as well as our neighbors. Not based hoarding or greed – but for self-sufficiency and common decency. Think of it this way: When the system finally falls completely apart (and it will soon) do you want to watch your family starve? Or worse yet, could you turn away a starving person or child?

      Report Post »  
    • MidWestMom
      Posted on May 10, 2011 at 8:58am

      “…. do you want to watch your family starve? Or worse yet, could you turn away a starving person or child?”

      SHOULD READ: do you want to watch your family starve? And if you are feeding your family, could you turn away a starving neighbor, child or stranger?

      Sorry, not enough sleep last night & not enough coffee this morning. (:

      Report Post »  
    • Gonzo
      Posted on May 10, 2011 at 9:46am

      How do you not “bail them out, but help them get their homes back, somehow, someway.”????
      Any way you go about it is a bail out and is just delaying the inevitable. Losing a house is not the end of the world. It’s like telling the Federal Gov. to cut costs but, don’t touch Soc. Security, Medicare, etc. Going through forclosure is hard but, if handled properly, can be the best thing for a lot of these folks. I agree we need to help these people land on their feet but, there is a difference between landing on your feet and hanging on to house (or other STUFF) that drug you down to start with.

      Report Post » Gonzo  
    • figusjanus
      Posted on May 10, 2011 at 1:36pm

      Kickagrandma I totally agree but……I am one of those people. Let me explain. I got out of the Navy after 11 years in subs. I got a great job, still have a great job(lucky, I know). I grew up in NYC and dreamed of owning a home. But the home I bought depreciated from 189K to 140k. I refuse to move. I will stay until I die or lose my job. Most likely the later due to Prez Hussein. I am waiting to see the inside the beltway lapdogs called the senior GOP members to wake up and listen to the Tea Party. If not I have my ammo and food to hold out. It will probably go that way unfortunately.

      Just letting you know there are a few of us who got caught in this squeeze and only learned after it all went down.

      Report Post »  
  • Gonzo
    Posted on May 10, 2011 at 8:16am

    George Sorors and Obama: “I love it when a plan comes together!”

    Report Post » Gonzo  
    • cloudsofwar
      Posted on May 10, 2011 at 8:43am

      The anti A TEAM.

      Report Post »  
    • GRANNYMOO
      Posted on May 10, 2011 at 9:38am

      You said a mouthful there lol

      Report Post »  
    • Outlaw_Josey_Wales
      Posted on May 10, 2011 at 10:00am

      I have a counterplan, I WILL SURVIVE when the country go’s to hell.

      Report Post » Outlaw_Josey_Wales  
    • HairRazor
      Posted on May 10, 2011 at 10:57am

      you know thery’re lovin it.. sobs

      Report Post » HairRazor  
    • forestnomad
      Posted on May 10, 2011 at 10:58am

      Wall Street: Jeezus, what the hell was that? At least I’m rich still.
      Main Street: What the hell happened? Why did I buy this home?
      Economists: Looks like the ‘all-knowing’ invisible hand failed again. This happens.
      TheBlaze commenters: Damn blacks and their community reinvestment act

      Report Post »  
    • forestnomad
      Posted on May 10, 2011 at 11:05am

      Again, looks like the invisible hand of the market can be… Stupid? AIEEEEEEEE NO! Capitalism is all-knowing and mystical EVERYWHERE!

      http://www.fox5vegas.com/news/26617793/detail.html

      Report Post »  
    • Loubro2
      Posted on May 10, 2011 at 2:15pm

      You probably loved every inch of your Bush screwing.

      Report Post »  
  • Marylou7
    Posted on May 10, 2011 at 8:16am

    Thank the Lord mine is not one of them. Thank you Jesus.

    Report Post » Marylou7  
    • kickagrandma
      Posted on May 10, 2011 at 8:38am

      @MARYLOU7~~~ Amen!

      Report Post »  
    • Liberal_Atheist_Critical_Thinker
      Posted on May 10, 2011 at 8:45am

      Jesus didn’t do anything for you – you did it yourself. Congratulations to YOU!

      Report Post » Liberal_Atheist_Critical_Thinker  
    • lovenfl3
      Posted on May 10, 2011 at 8:52am

      If you listen to the Obama administration, everything is roses and sunshine. Who needs jobs or a place to live? http://www.youtube.com/watch?v=tmL6evAnyf0

      Report Post » lovenfl3  
    • insight
      Posted on May 10, 2011 at 8:53am

      That means that 25% of homeowners bought or refied during the boom. That’s kinda crazy. Sorry for sounding conspiratorial, but there is no way someone didn’t know this was coming.

      Report Post »  
    • Professional Infidel
      Posted on May 10, 2011 at 9:04am

      Ive always been happy down here on the bottom, my dream was and still is to stick to the things I could afford, like $550.00 rent, Who’s been throwing there money away?? Hold your breath!
      This is an area where a morgage costs a minimum of $1200 per mo. plus taxes (GAG) then utitilies, upkeep and, on and on!!

      Report Post »  
    • Unix
      Posted on May 10, 2011 at 9:11am

      MaryLou, good for you! Ignore the devil possessed athiests who try to bring you down!

      Report Post » Unix  
    • pappy
      Posted on May 10, 2011 at 9:18am

      My neighborhood was quiet, sparsely populated, clean & a nice little area to live in. Enter the great housing boom. Now, I pick up trash from the side of the road almost evey day, yell at disrespectful punk kids that cut across my lawn & stock up on extra ammo & keep loaded weapons in easy reach locations. My neighborhood has turned into a dump. Worst part…. Even if I did sell, I wouldn’t get what it was worth 5 to 7 years ago or what I put into it. I get to see a small example of what our country has turned into & it worries me greatly. I had hoped & prayed middle age would be relaxing, not being on the defensive all the time. I’ve spent a small fortune on an alarm system & bought a German Shepard. We’re teaching him to charge anyone that approaches the prop line or fence line. Lord, how I miss the “good ‘ol days”. How I pray for things to get better. Preferably before I pass onto the next life, anyway…. My wife just doesn’t look right with a side arm in her Sunday best. Our only recourse is to put the ‘ol place up for sale & move out to the 425 acre piece of jungle I have in the next county over. It‘ll be like stepping back in time as there’s no power or other utilities available yet. At least we’ll be safe…. (I hope).

      In God We Trust
      9/11/01 – Never Forget

      Report Post »  
    • heavyduty
      Posted on May 10, 2011 at 9:19am

      Liberal_Atheist_Critical_Thinker: Choose to believe what you want. I choose to believe there is a Creator. But evidently you are one of those that thinks that you can throw a un-assembled Timex into the air and it come down fully and assembled and keeping perfect time. Or that you can spend your way out of debt. I choose to live in the really real world of common sense. You have a nice and may the Lord bless you today.

      Report Post »  
    • poverty.sucks
      Posted on May 10, 2011 at 9:33am

      Soros is living the dream.

      Report Post » poverty.sucks  
    • aaak
      Posted on May 10, 2011 at 9:46am

      liberal_atheist . . . how do you know what Jesus did for Mary Lou? and by the way, if you have a job that you are obviously proud of, how can you be on The Blaze so much?

      Report Post »  
    • Bipolar & Angry
      Posted on May 10, 2011 at 9:46am

      Bunch of PIGS.

      No Government employees are worth a long SPIT of Tobacco juice. NONE.

      Report Post » MONICNE  
    • ronmorgen
      Posted on May 10, 2011 at 9:46am

      @Liberal_Atheist_Critical_Thinker
      The fool says in his heart, “There is no God”.

      Report Post » ronmorgen  
    • Outlaw_Josey_Wales
      Posted on May 10, 2011 at 9:48am

      The White House is underwater $14.3 trillion in unpayed debt. Time to kick the deadbeat squatter out.

      Report Post » Outlaw_Josey_Wales  
    • Cobra Blue
      Posted on May 10, 2011 at 9:59am

      And the percentage will continue to do what the Mighty Missip is going right now. RISING! Thank you Mr. Obama for saving our country. You are the best friend a communist could ever have, I give you the “one finger” salute of respect. Here’s to you….

      Report Post »  
    • RightWrite
      Posted on May 10, 2011 at 10:12am

      This is a long story, so I’ll make it very short — The manipulation of the free-market put us in this mess with the Progressive law and policy of the Community Reinvestment Act. The current market corrections of this crash will end when the market returns to reality — prices were way too high for way too long, and the delay in the decline of prices is just manipulators trying to fool everybody. Prices will adjust to 50% less than their highs in the bubble, and the extra time it takes to get there is just people trying to lie to themselves.
      The sad thing is, we’re only half way there. For every foreclosed home the experts talk about, there are two to three more the banks and government aren’t talking about, hidden like a festering infection. If the government would get out of the way, we could just lance the boil to drain the puss of Progressivism.

      Report Post » RightWrite  
    • 13th Imam
      Posted on May 10, 2011 at 10:15am

      I see on the near horizon STIMULUS 33, Where Barry spends further trillions of our Great ,Great, Great Grandchildrens money to bail out these upsidedown loans, Of course little of the money will actually go to these loans, but just like all the previous thievery, it will go to his wall street, union and socialist buddy’s. The original communists were nothing like Barry and his merry band of thieves

      Report Post » 13th Imam  
    • hauschild
      Posted on May 10, 2011 at 10:18am

      I find it very odd that so many homes are supposedly underwater, yet the prices in my area are far from being inexpensive or even reasonable. Even short sale prices appear exorbitantly high. It‘s crazy and I don’t see how this gets corrected in fewer than 10 more years.

      Report Post »  
    • RightWrite
      Posted on May 10, 2011 at 10:34am

      When a seller prices a home at $100K and it takes 5 years to sell for that price, it doesn’t mean that the market was flat for 5 years — it means that it took 5 years for the appreciation to catch up to the unreality of the original price. In 5 years from now, all the fools will be talking about how the market has been flat — and ten years from now, the moronic experts will be talking about how the market was flat for so long after the crash of 2006. This is the same thing that happened after the crash of 1989 in California, it took 5 years for the flat market to return to normality. Welcome to the Progressive cancer!

      Report Post » RightWrite  
    • forestnomad
      Posted on May 10, 2011 at 10:44am

      Thats the all-knowing invisible hand for you! CLEARLY all of those houses were bought by government-supplied black people with welfare money and contracts signed DIRECTLY by Barney Frank and Nancy Pelosi!

      Report Post »  
    • forestnomad
      Posted on May 10, 2011 at 10:48am

      ‘Where Barry spends further trillions of our Great ,Great, Great Grandchildrens money’

      You mean like how Reagan and Bush started, while you silently bent over and took it like a ‘man’ for YEARS on end?

      Report Post »  
    • gman46
      Posted on May 10, 2011 at 11:12am

      Excellent MaryLou! Maybe you can teach our government something.

      Report Post » JohnGalt  
    • just the facts
      Posted on May 10, 2011 at 11:33am

      Liberal_Atheist_Critical_Thinker

      The only word that comes to mind is….reprobate

      Report Post »  
    • Anonymous T. Irrelevant
      Posted on May 10, 2011 at 11:41am

      And it is all the Left’s fault! We didn’t need TARP, nor TARP II. Barney Frank, Chris Dodd, Charles, Rangel, and Franklin Raines need to be in jail, among others I cannot name at this time.

      Report Post » Anonymous T. Irrelevant  
    • American Soldier (Separated)
      Posted on May 10, 2011 at 12:42pm

      @HEAVYDUTY I actually believe it is YOU that would believe that you can throw pieces of a Timex watch into the air and have it magically put together by GOD. I‘m sure he wouldn’t mind me putting words into his mouth, but I would bet to say that he believes that a man would put that watch together.

      I have yet to see a Timex watch be assembled by anyone other than a human being. Have you?

      Report Post » American Soldier (Separated)  
    • fatjack
      Posted on May 10, 2011 at 12:47pm

      No need for all those homes sitting empty. Time to turn them into public houses. More Robin Hood folks.

      Report Post » fatjack  
    • Loubro2
      Posted on May 10, 2011 at 2:14pm

      you need to thank your fiscal policy. That is what is responsible.

      Report Post »  
    • Susan Harkins
      Posted on May 10, 2011 at 3:15pm

      “Sinking Of Western Civilization: Over 25% of Homes in America ‘Underwater’”

      OK, I have heard of sensationalism in headlines but…

      The entire Western Civilization is crumbling because OVERVALUED homes are trying to reach their PROPER prices through price discovery in the real estate market?

      Give me a break.

      Report Post » Susan Harkins  
    • 13th Imam
      Posted on May 10, 2011 at 3:40pm

      Forest nomind
      Why do all you Socialists, Liberals , Anarchists, Progressives Communists,DEMOCRATS ALL, always resort to the Anal thing. Must be crossing your minimal thought process as you keep bringing it up. The Dufus in the Whitehouse is a thief and when you steal from Actual Taxpayers to give these Stolen riches to the 53% of Takers living in the USA,it can only go on solongr. By the way, you forgot, Racist, Homophobe (If i was a Homophobe would I behave in your described manner?), Senior starver, . Your slurs mean nothing, as do your views and I can’t wait for NOV 2012 to boot this JOKE of a Man out into his crappy Chicago streets.
      ANYBODY BUT < WHATS HIS NAME, 2012

      Report Post » 13th Imam  
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