Illinois 3rd in Foreclosures Nationally

This is embarrassing:

Foreclosures starts in Illinois are on par with those in other areas but the state’s court-supervised foreclosure system continues to bog down properties in the process.

Almost 7.5 percent of all one-to-four-unit mortgage loans in Illinois were in foreclosure in the first quarter, compared with a national average of 4.39 percent, according to data released Wednesday by the Mortgage Bankers Association.

“Illinois and New Jersey trail only Florida as being the worst in the country, and they’re getting worse,” said Jay Brinkmann, the association’s chief economist “The rate in Illinois more than twice that of California. In the judicial states the problem continues to get worse in terms of the backlog of loans in the foreclosure process.”

via Chicago Tribune.

Perhaps if we had a government that was at least minimally friendly to business more people would be working.  That would certainly help.  But you cannot crush every businesses’ ability to efficiently function in the city and then wonder why more people don’t have good jobs.

Jobs will come when businesses come.  When people are working again mortgages will get paid.

Another Foreclosure Wave Arrives

Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end. House sales are picking up across most of the country, the plunge in prices is slowing and attempts by lenders to claim back properties from struggling borrowers dropped by more than a third in 2011, hitting a four-year low.

But a painful part two of the slump looks set to unfold: Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.

“We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010,” said Mark Seifert, executive director of Empowering & Strengthening Ohio’s People (ESOP), a counseling group with 10 offices in Ohio.

“Last year was an anomaly, and not in a good way,” he said.

In 2011, the “robo-signing” scandal, in which foreclosure documents were signed without properly reviewing individual cases, prompted banks to hold back on new foreclosures pending a settlement.

Five major banks eventually struck that settlement with 49 U.S. states in February. Signs are growing the pace of foreclosures is picking up again, something housing experts predict will again weigh on home prices before any sustained recovery can occur.

Mortgage servicing provider Lender Processing Services reported in early March that U.S. foreclosure starts jumped 28 percent in January.

via Reuters.

The main stream media is telling us it’s all getting better.  Get out there and buy something.  But that story’s actually a few weeks old.  The latest news is now:

Falling Home Prices Drag New Buyers Under Water

More than 1 million Americans who have taken out mortgages in the past two years now owe more on their loans than their homes are worth, and Federal Housing Administration loans that require only a tiny down payment are partly to blame.

via Reuters.

Doh!!  For those that don’t understand let’s be clear; the “solution” to the problem is making the problem worse.

Governments intrusion into every sector of our lives has been an abysmal failure.  The people are being taken advantage of and the banks — who are supposed to be the ones the government’s to control — get keep getting richer an richer.  The too big to fail are now even bigger.

It’s a joke.