One quarter of all Homes sold in the 2nd quarter were Foreclosures! The article linked is about buyers worrying about titles of homes now. But what I caught in the article was this:
Foreclosure sales accounted for 24 percent of all home transactions during the second quarter, according to a Sept. 30 report by RealtyTrac Inc., an Irvine, California-based data seller. They made up a greater share in the states hardest-hit by the housing crisis, accounting for 56 percent of purchases in Nevada, 47 percent in Arizona and 43 percent in California.
In Florida, Massachusetts, Michigan and Rhode Island, the share was about a third.
That is Huge in sales of foreclosures! It shows how much money the banks are making!
Why do I say they are making huge amounts? Because they WRITE OFF the properties that they have foreclosed on and then They SELL Them and Make that money! Some may have been sold for less than the mortgage, BUT the money they had was all derivatives anyway and there was NO REAL money passed. No wonder they have positive cash flow and income balance sheets, their new way of Making Money is in Foreclosures!
The people are Still being Stolen From - Trillions has been given to the banks - the people have been left in the cold - literally - as the banks are kicking people out of their homes with Fraudulent Paperwork! The bankers will Do Anything for a Dollar!
Imagine what will happen if Judges RULE BY THE LAW and Most of those Foreclosures were Illegal and those people get their houses back..... Then those who purchased the foreclosures will be out.... Law suits there! Title companies will not cover foreclosures and there is hinting they may not cover the past ones insurance is on, due to fraud of the banks they covered. Another whole area that will be a Mess!
BUT THE BANK FRAUD HAS TO STOP!
What Jim Sinclair site has to say about it, as CIGA Eric was writing about Gold and what is going on.
Imagine what will happen if Judges RULE BY THE LAW and Most of those Foreclosures were Illegal and those people get their houses back..... Then those who purchased the foreclosures will be out.... Law suits there! Title companies will not cover foreclosures and there is hinting they may not cover the past ones insurance is on, due to fraud of the banks they covered. Another whole area that will be a Mess!
BUT THE BANK FRAUD HAS TO STOP!
What Jim Sinclair site has to say about it, as CIGA Eric was writing about Gold and what is going on.
The banksters tried to sneak through a bill that would make their criminal actions legal. The screams were heard in the White House and before the bill passed and all its requirement the President vetoed it. That occurred even before the bill had completed it required procedures. We are now in Crisis #2 which can eclipse anything you have seen yet because of the size of the creation of this pariah in the OTC derivative disaster.
This will not pass quietly. It is going to tear the dickens out of what is left on the financial firms that brought the horror to the Western world. It will be orders of magnitude uglier than anything you have seen so far. There are no coincidences in the financial world. When unusual changes in the money flows lead and/or coincide with important real-time event, they tend to foreshadow significant financial and social changes. While the headlines urge complacency and reinforce the old paradigm to comfort those that abhor change, they tend to do so at great expense to those that follow them.
No comments:
Post a Comment