Real(i)ty Check
U.S. Mortgage Foreclosure Filings Rise 90% in May
" U.S. foreclosure filings surged 90 percent in May from a year earlier as more homeowners fell behind on their monthly mortgage payments . . . A jump in foreclosures at a time of year that traditionally is the busiest for home sales means the slide in prices probably isn't over, said James Saccacio, chief executive officer of RealtyTrac."
If you're looking for a reason as to why everyone in the stock market is fleeing into long-term bonds, look no further. Numerous talking heads are warning that the worst is yet to come regarding the housing market crash, and that we aren't likely to see any signs of recovery until mid-2008, at best.
The sky isn't falling, but a growing number of people are hit hard by a real estate bubble that's burst all over their home-ownership dreams, and it's getting worse -- add to that a Congress that's insistent on pushing amnesty for millions of illegal aliens (exacerbated by costs that would then be pushed up by higher wages across the board, plus millions of people now available for state and federal welfare assistance) and we have a perfect storm of economic turmoil on our hands.
Is anyone in Washington paying attention? Or are they too blinded by the 2008 elections to even notice? Oh, never mind -- I already know the answer to that question.