220,000 homes were lost to bank repossessions in the second quarter, and the annual forecast for 2008 will have to be revised upward.
As foreclosures continue to soar, 220,000 homes were lost to bank repossessions in the second quarter, according to a housing market report Friday issued by RealtyTrac.
That's nearly triple the number from the same period in 2007.
A total of 739,714 foreclosure filings were recorded during that three-month period, up 14% from the first quarter, and 121% from the same period in 2007. That means that one of every 171 U.S. households received a filing, which include notices of default, auction sale notices and bank repossessions.
Detroit continued to suffer more than any other non-Sun Belt area, with one filing for every 66 households. And several Ohio cities were also hard hit, led by Toledo (one in 92 households), Akron (one in 93) and Cleveland (one in 108).
Source
Detroit? Yaaaahh thats us!
What no one has compared yet is very nearly the same exact economic conditions that are occurring now in the U.S. are those that occurred just prior to World War II in the U.S. and more eerily in Germany.
Mark my words. The U.S. Government will now be considering war as a viable economic option because it stimulates economic growth and the U.S has ravenous energy needs that predispose the U.S. to military intervention to countries that have oil as a natural resource.
Although the reasons given for war will actually be much different.
National security for example or Border control or the proliferation of Democracy.
"Wait!" you say. "we're in Iraq and Afghanastan to ensure Democracy will take hold and free the peoples of those countries from tyranny!"
If that's truly the case why aren't we attacking Sweden? Those commie bastards are just asking for it.
But what's missing in Sweden besides Democracy? Oh yes, they have no oil.
War is big business, bigger than the entire U.S. GNP and more reliable.
Be aware of the military industrial complex when you see it. It comes in many disguises.
Welcome to Detroit.
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