CHESSNOID

The recession is over, the economy is recovering, and there are green shoots everywhere.  That is what the government and its economic advisers keep trying to sell to the American people.  I think the majority of us are not buying it.  All we need to do is look outside  and see the reality we live in.

The Obama administration has spent over a trillion dollars and still have not dealt with the cause of the recession.  How can they expect the effects to be remedied if they keep adding more burdens to the expanding deficit.  The economy busted because of the housing market.  Has the housing market improved?

NEW YORK (Reuters) -

High U.S. unemployment keeps pushing up the rate of mortgage delinquencies, which could in turn drive personal bankruptcies and home foreclosures, monthly data from the Equifax Inc credit bureau showed on Monday.

Among U.S. homeowners with mortgages, a record 7.58 percent were at least 30 days late on payments in August, up from 7.32 percent in July, according to the data obtained exclusively by Reuters.

August marked the fourth consecutive monthly increase in delinquencies, and the report showed an accelerating pace. By comparison, 4.89 percent of mortgages were 30 days past due in August 2008, while in August 2007, the rate was 3.44 percent, Equifax data showed.

The rate of subprime mortgage delinquencies now tops 41 percent, up from about 39 percent in each of the prior five months.

The results, which correlate with consumer bankruptcy filings, suggest U.S. homeowners remain under financial stress despite signs of improving sentiment and fundamentals in the U.S. housing market.

August bankruptcy filings were up 32 percent from a year earlier, compared with a 35 percent year-over-year increase in July.

Actual foreclosures are also up and continue to trend up.

Reuters:

One in every 357 U.S. households with loans got a foreclosure filing in August.

Though lenders are moving in the right direction, Sharga said, RealtyTrac is revising up its estimate for filings this year and now expects a more prolonged foreclosure crisis.

Some 3.4 million households will get a filing this year, up from the prior estimate of 3 million to 3.2 million, and sharply higher than 2.3 million filings last year.

If the forecast is realized, it will be more than four times the filings in 2005, before the deepest housing crash since the Great Depression began.

“We had been thinking that this year would be the peak, but at the rate things are going right now, it’s appearing more likely that late 2010 might be the peak year before things start to moderate,” Sharga said.

A quick recovery is not in the cards, either.

“I don’t expect it to be that 2010 will peak and 2011 will be the wonderful land of Oz,” Sharga added.”