Thursday, March 18, 2004

You Can't Go Home Again 

Attention Homeowners ~ Faustian Real Estate Bargains Galore!

Bush Visits Pennsylvania to Promote Homeowning - March 16, 2004

He then rode to a Y.M.C.A., where in front of signs set up by the White House saying "A Home of Your Own," he talked about a statistic the administration often cites in asserting that the economy is getting stronger. "Homeownership in America is at the highest rate ever," he said to applause. "It's a fantastic statement to say that, isn't it?" NYTimes

Meanwhile, back at the suburban ranchhouse.

1- [NYTimes - Mar 16, 2004] - Adjusted for inflation, the average family's debt, including a mortgage, has climbed from $54,000 in 1990 to $79,000 last year. Mortgage foreclosures, credit card delinquencies and personal bankruptcies are all at near record levels. LINK

2- [New York Times - Mar 15, 2004]
... Mortgage foreclosure rates, personal bankruptcies and credit card delinquencies have been rising steadily and are at record levels. ... LINK

3- [Business Wire (press release) - Feb 12, 2004]
... As foreclosure rates continue to skyrocket nationwide... LINK

4- [The News Journal, DE - Feb 15, 2004]
... said. "They have succeeded with an astonishing and totally unacceptable side effect - unprecedented foreclosure rates."... LINK

5- [Miami Herald, FL - Mar 12, 2004]
Dayton, Ohio, Area Ranks Near Top in Predatory Lending
... loans. In addition, subprime loans have default and foreclosure rates five to 10 times higher than those for "A" rated loans. As ... LINK

6- [Salt Lake Tribune, UT - Mar 7, 2004]
... Sometimes out-of-state lenders refuse to lend because foreclosure rates are so high. LINK

7- In a deep financial hole, man tries to save house
Only five states have higher foreclosure rates than Pennsylvania, according to the most recent data from the Mortgage Bankers Association. Philly.com

8- [Indianapolis Star, IN - Feb 21, 2004]
... they can't afford. Whatever the cause, Indiana suffers from one of the highest foreclosure rates in the nation. LINK

9- Gwinnett Daily Post, GA - Mar 13, 2004
Home foreclosures on the rise
By Doug Sams. LAWRENCEVILLE — Home foreclosures continue to soar in Gwinnett, another sign that unemployment is still plaguing many residents. ... LINK

10- [Pittsburgh Tribune-Review, PA - Mar 13, 2004]
Surge in foreclosures threatens homeowners
... We need to find a way to go to a judge and get a moratorium on foreclosures.". ... Mortgage foreclosures since 1999 rose by 75 percent to 4,300 last year. ... LINK

11- [Miami Herald, FL - Mar 1, 2004]
Boulder County, Colo., Foreclosures Rising but Some Say Things ... ... fees. Foreclosures like the one Weber faces have climbed sharply for three straight years throughout Colorado and Boulder County. ... LINK

They are the heirs and trustees of the supermarket chain Wal-Mart. And between them they are worth $100bn. Considering how the media fawns on the ultra rich, we hear remarkably little about them. Perhaps this is because their position is rather embarrassing. The company that enriches them trades on the idea that it is the friend of the common man and woman, distributing rather than concentrating wealth.


Wal-Mart, which owns the British chain Asda, is now the biggest company on Earth. In the last financial year it took $245bn. It is successful partly because it is one of the most ruthless employers in the western world.

In the US its sales clerks made an average of $13,861 in 2001, almost $800 below the federal poverty line for a family of three. Monbiot/"The Fruits of Poverty"

Help foreclose on the Bush pResidency.
Repossess the White House


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