CHESSNOID

That’s how many foreclosures the United States has had which is bigger than the population of most countries.   Many media outlets are trying to focus on the positive that there are less foreclosures now than July 2009 (the truth is we had more total foreclosures : 3.9 million in 2009 vs 3.2 million in 2008).  Unfortunately, there is nothing good about this news.   We need to take it seriously as a country because our economic recovery depends on it.

The 2 stimulus packages, the massive wall street bailouts, the cash for clunkers program where we spent trillions of taxpayer dollars have been wasted.  There is no favorable result.  Quite honestly, I get sick and tired of listening to the lies that our government tells us that it would have been worse if they had done nothing.  They have actually made it worse by not focusing on real job creation and stopping foreclosures.

We are still in a housing crisis and banks are just holding on to bank REO inventory because they have new accounting techniques to hide losses.  I hope when the bailed out banks come back for more bailout money that our government listens to the American people and stop this corrupt and wasteful spending.

Dec. 10 (Bloomberg) –

Foreclosure filings in the U.S. will reach a record for the second consecutive year with 3.9 million notices sent to homeowners in default, RealtyTrac Inc. said.

This year’s filings will surpass 2008’s total of 3.2 million as record unemployment and price erosion batter the housing market, the Irvine, California-based company said.

“We are a long way from a recovery,” John Quigley, economics professor at the University of California, Berkeley, said in an interview. “You can’t start to see improvement in the housing market until after unemployment peaks.”

Foreclosure filings exceeded 300,000 for the ninth straight month in November, RealtyTrac said today. A weak labor market and tight credit are “formidable headwinds” for the economy, Federal Reserve Chairman Ben S. Bernanke said in a Dec. 7 speech in Washington. The 7.2 million jobs lost since the recession began in December 2007 are the most of any postwar economic slump, Labor Department data show. Unemployment, at 10 percent last month, won’t peak until the first quarter, Quigley said.

Loan-modification programs and an expanded government tax credit for first-time homebuyers are helping slow the monthly pace of filings and “keeping a lid” on further foreclosures, James Saccacio, RealtyTrac’s chief executive officer, said in the statement.

November filings fell 15 percent from the July peak and dropped 8 percent from October, the seller of default data said. That was the fourth straight monthly drop