Thursday, March 22, 2007

More of how the shrub loves you

Foreclosures will sky rocket this year!

• Analysts predict between 1 million and 3 million foreclosures in 2007
• The industrial heartland hard-hit by foreclosures in 2006
• Some economists believe a recession could result from the mortgage defaults

The areas being hit the hardest are those that were already having troubles - the industrial middle -
and those areas that relied on automobile manufacturing.

This clip is about home auctions in Detroit:

After selling house after house in the Motor City for less than the $29,000 it costs to buy the average new car, the auctioneer tried a new line: "The lumber in the house is worth more than that!"

As Detroit reels from job losses in the U.S. auto industry, the depressed city has emerged as a boomtown in one area: foreclosed property.

Who loses? Usually minorities, women, the disabled, single parent households ... but especially the children..

It's a national shame and can only go back to the shrub's policies that encouraged all sorts of financial "magic" to encourage people to buy homes when the lenders knew they cold not afford any increases in the mortgages.

Now the homes are selling for less than what is owed and we are facing a major disaster...

That's what happens when you have crooks, liars and their cronies in control!

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