12% of all US HomeOwners in Default!

[karim0028]

12% Of Homeowners Behind On Mortgages

http://www.google.com/hostednews/ap/...Im-0AD96O5MAG0

Anyone else getting the eery feeling that history comes very close to repeating itself....

http://www.quotationspage.com/quote/37700.html

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson, (Attributed)
3rd president of US (1743 - 1826)"

[BadJuju]

Re: 12% of all US HomeOwners in Default!

Anyone else getting the eery feeling that history comes very close to repeating itself....

Is there even really a precedent for this crisis? :confused:

[rnjboy]

Re: 12% of all US HomeOwners in Default!

does anyone know the u-6 number??

[chris49]

Re: 12% of all US HomeOwners in Default!

Told is was 16% today...from client/economist. Have not confirmed that number.

[rnjboy]

Re: 12% of all US HomeOwners in Default!

thanks, wasn't 13.5 last release?

[Slimprofits]

Re: 12% of all US HomeOwners in Default!

http://www.bls.gov/news.release/empsit.t12.htm

U6 is 16.0% not adjusted
14.8% adjusted

Up from 15.4% and 13.9%.

[Uno]

Re: 12% of all US HomeOwners in Default!

12% of Americans WITH A MORTGAGE are in default.

Good reading there, keep watching Fox and CNBC for your reading and thinking skills. You are part of the American cabbage head disease.

Support Obama on education reform and perhaps your children will break the cycle.

[gwynedd1]

Re: 12% of all US HomeOwners in Default!

Is there even really a precedent for this crisis? :confused:

1870s is closest. It was a new era of global deflationary power.

[BadJuju]

Re: 12% of all US HomeOwners in Default!

12% of Americans WITH A MORTGAGE are in default.

Good reading there, keep watching Fox and CNBC for your reading and thinking skills. You are part of the American cabbage head disease.

Support Obama on education reform and perhaps your children will break the cycle.

You are slinging a lot of bile about today. :confused:

[BadJuju]

Re: 12% of all US HomeOwners in Default!

1870s is closest. It was a new era of global deflationary power.

Aha! Thank you, gwynedd1. I should have thought about the boom-bust of the 1870s-90s

[karim0028]

Re: 12% of all US HomeOwners in Default!

12% of Americans WITH A MORTGAGE are in default.

Good reading there, keep watching Fox and CNBC for your reading and thinking skills. You are part of the American cabbage head disease.

Support Obama on education reform and perhaps your children will break the cycle.

Jee thanks for pointing out the obvious.... I didn't feel the need to point out the obvious. You cant be in default if you don't owe anyone anything..

The key point is, how many Americans do you know who own their property free and clear? NOW, how many do you know who have MORTGAGES? That is a pretty damn large portion of the population... I look around me and i cant find one out of every 50 to 100 people who are "current owners" (ie. name on title) that doesn't have a mortgage (im not talking renters)... I would venture to guess > 80% of the middle class have mortgages....

[c1ue]

Re: 12% of all US HomeOwners in Default!

12% of Americans WITH A MORTGAGE are in default.

Good reading there, keep watching Fox and CNBC for your reading and thinking skills. You are part of the American cabbage head disease.

Support Obama on education reform and perhaps your children will break the cycle.

Bizarro Karl Rove is at it again.

roughly 1/3 of owned homes have no mortgage.

Therefore 12% of Americans with a mortgage being in default translates to 8% of all homeowners.

More importantly, if the 5.4M is a representation of household numbers - then we're talking nearly 5% of all American households.

http://www.census.gov/population/pro...am/table1n.txt

Hoping for the miracle of the loaves and fishes - with debt removal.

[flintlock]

Re: 12% of all US HomeOwners in Default!

Jee thanks for pointing out the obvious.... I didn't feel the need to point out the obvious. You cant be in default if you don't owe anyone anything..

LOL! Good point, but you did title the thread "12% of ALL US homeowners in default".

Uno, why so testy?

[karim0028]

Re: 12% of all US HomeOwners in Default!

LOL! Good point, but you did title the thread "12% of ALL US homeowners in default".

You're right, my bad But, i did assume it was obvious to itulipers that it was all homeowners with a mortgage; as you cant possibly default on a debt you don't owe ;)

My point is that the number is staggering.... As Clue mentions that would be about 5-8% of ALL homeowners (mortgaged or not) and as this crisis drags this percentage is only likely to grow...

[flintlock]

Re: 12% of all US HomeOwners in Default!

Oh I agree, its not a good thing. 8% is still way too high!