Report: Mortgage foreclosures up 81 percent

NEW YORK (Reuters) - U.S. foreclosure activity jumped 81 percent in 2008, with one in every 54 households getting at least one filing notice, suggesting various state laws and private programs to slow the process have been ineffective, RealtyTrac reported on Thursday.


 


 Nearly 3.2 million foreclosure filings on 2.3 million properties were made last year, the Irvine, California-based research firm said. Filings include notice of default, auction sale or bank repossession.


 


 "Clearly the foreclosure prevention programs implemented to date have not had any real success in slowing down this foreclosure tsunami," James J. Saccacio, chief executive officer of RealtyTrac, said in the report.


 


 Foreclosure activity did slow in the fourth quarter overall, declining 4 percent from the third quarter, but jumped nearly 40 percent from the fourth quarter of 2007.


 


 And foreclosure activity last year was up 225 percent from 2006, the year home prices began a deep slump that prevented many homeowners from selling or refinancing.


 


 Home prices have plunged more than 20 percent from the summer of 2006, according to Standard & Poor's/Case-Shiller measures.


 


 Filings leaped by 17 percent in December from November.


 


 "State legislation that slowed down the onset of new foreclosure activity clearly had an effect on fourth-quarter numbers overall, but that effect appears to have worn off by December," Saccacio said. "The recent California law, much like its predecessors in Massachusetts and Maryland, appears to have done little more than delay the inevitable foreclosure proceedings for thousands of homeowners."


 


 California required lenders to provide written notice of their intent to start foreclosure proceedings 30 days prior to issuing a notice of default.


 


 Nevada, Florida, Arizona and California, respectively, posted the highest state foreclosure rates last year, RealtyTrac said.


 


 These are states where home prices soared the most during the five-year housing boom earlier this decade.


 


 Foreclosures also rose as interest rates jumped last year just as hundreds of billions of dollars of adjustable-rate mortgages reset, sending loan payments sharply higher.


 


 And lenders that had seldom turned potential borrowers away clamped down, curbing access to new funds, as foreclosures shot to record highs.


 


 RealtyTrac has said that foreclosure activity would spike without a broad permanent fix for troubled mortgages in what economists are calling a deep recession.


 


 Some relief may come from January's tumbling home loan rates, spurred by the promise of massive government purchases of mortgage bonds.


 


 Average 30-year loan rates have fallen under 5 percent, the lowest in some four decades, by several measures. Requests to refinance have soared to the highest level in more than five years, according to the Mortgage Bankers Association, which could cut borrowing costs and help keep some borrowers in their homes.


 


 Nevada had the highest rate of foreclosure, with more than 7 percent of Nevada housing units, or one in every 14, receiving at least one foreclosure notice in 2008. There were foreclosure filings on 77,693 properties, up nearly 126 percent from 2007, RealtyTrac said.


 


 California had the highest number of foreclosure filings, at 523,624 properties, followed by Florida and Arizona.


 


 Among the 100 largest metropolitan areas, Stockton, California, had the highest rate of foreclosure, at 9.46 percent. Las Vegas was close behind in second place.


 


 Cities in California and Florida accounted for seven of the top 10 metro foreclosure rates, RealtyTrac said. Economically challenged Detroit was in 10th place, with one of every 22 housing units receiving a filing notice last year.

"What's your climate credit score?" That's a question Americans may have to answer if the green global elites get their way.

While the media has distracted us with Orange Man Bad! and Russia, Russia, Russia!, the Left has been busy working on the fundamental transformation of America with a primary pressure point — YOUR money through YOUR bank. Democrats, forgetting the words of MLK, like to group people into categories. They judge you based on what skin color you have, your religion, occupation, your ideology, and now … your carbon footprint.

On his Wednesday night TV special this week, Glenn Beck exposes how they're now planning, not only to categorize you, but to give you a score. It'll determine everything for you: whether you can buy a home, get a new car, open a business … EVERYTHING. And if you don't bend the knee? You'll be blacklisted. But this isn't some far-off conspiracy theory. Multiple big U.S. banks are part of a private U.S. financial group enacting these policies now. It's here, and we're ALL at risk.

Watch the full episode below:

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Unlike the mainstream media, we at the "Glenn Beck Radio Program" decided to actually do the research and get to the bottom of CPAC's controversial stage design, which many on the Left have suggested was purposefully shaped like an obscure Nazi symbol. We got our answers straight from the source — and it's not what the media is suggesting.

American Conservative Union chairman Matt Schlapp joined Glenn on Wednesday to share the real story of the stage design, who designed it, and why he's taking legal options against those smearing the Conservative Political Action Conference's name seriously.

Matt told Glenn he'd never heard of the alleged Nazi insignia, noting that even a staff member who "studied anti-Semitism in college" did not recognize the obscure symbol. He went on to explain how the stage designing firm, Design Foundry, and Hyatt Hotels worked collaboratively with CPAC event organizers for months throughout the designing and construction of the stage. However, when pressured by the cancel culture mob on social media, both companies "ran for the tall grass."

"Both the Hyatt and [Design Foundry] looked to CPAC and said [they] had nothing to do with this stage. That's outrageous," Matt stated. "This whole process takes months ... everybody saw this. Everybody had to figure out how to construct this. Everybody had eyes on it from every angle. And nobody in that process ever raised their hand and said, 'Oh, you know, I took a European history class, and I noticed [that the stage design looked like a Nazi symbol.] Nobody."

Matt went on to add that, while CPAC expects attacks from the Left, they also have every intention of standing up for themselves, the conservative community, the Jewish community, and all the people who love America.

"We're fine with taking the hits. We always take the hits, it's part of being a prominent conservative group. We'll take the hits, but we won't let people lie," Matt said.

"I can't tell you how many people have called me during the course of this most tumultuous of years and said, at what point does the conservative community, do the 74 million Americans who voted for Donald Trump, do the people who love America, and think it's okay to read Dr. Seuss, and love Thomas Jefferson and Mount Rushmore, at what point do they start pushing back on the cancel culture? At what point do they say, this is a line you can't cross? I think we're at that line," he added.

"We called our conference, 'America Uncanceled.' The whole thing became about them canceling us. At what point do we not have the right to say,' you can't treat us this way'? You're disparaging us. You're destroying our reputation. You're destroying our ability to be respected members of our community. So, I'm taking your challenge of pursuing our legal options very seriously. And I think we have to go broader. We can't let these companies just follow the woke mob. We can't do it."

Watch the video clip below to catch more of the conversation:

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CNN reporter Jim Acosta was confronted at CPAC by The Federalist reporter David Marcus with a valid question: "When are you guys going to start covering Cuomo?" His answer — or, really, lack of an answer — perfectly demonstrates why he was earlier surrounded by CPAC attendees chanting, "CNN sucks!"

On the "Glenn Beck Radio Program" Tuesday, Glenn and producer Stu Burguiere react to a video clip of the exchange with Acosta, as well as the mainstream media's double standards when it comes to Democratic New York Gov. Andrew Cuomo.

Watch the video below:

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Glenn Beck can't help but wonder, "What is wrong with us?" in light of the Left's latest move — canceling six Dr. Seuss books due to "hurtful and wrong" illustrations — that takes America one step closer to complete insanity. And now, school districts are jumping on board after President Joe Biden seems to have dropped Dr. Seuss from the White House's annual "Read Across America Day" proclamation.

On the radio program Tuesday, Glenn argued that deleting books is the perfect example of fascism, and asked when we as a country will finally realize it.

"They are banning Dr. Seuss books. How much more do you need to see before all of America wakes up? ... This is fascism!" Glenn said. "We don't destroy books. What is wrong with us, America?"

Watch the video below to hear more from Glenn:


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