About 12 percent of U.S. homeowners late paying or foreclosed (Reuters)

What else is new? Yesterday the economist said that the economy is going to recover by the third quarter.. Mr Economist.. think again. The job condition cannot be resolve for at least another 5 years. We are just producing jobs that provides minimum wage now. Even with Obama's plan, the majority of the jobs will only be paying at an average $12 per hour. Do you think these wages is going to maintain a mortgage, taxes, health etc.. that a single person or a family needs? Do you think all these people would have enough to go out and splurge again? The problem today is not the bad loans ... it is spreading to people with good credits but lost their jobs due to the spiraling effect of the initial problem that we fail to stop. It is not too late to provide a 40 years loan with 4% interest to all this taxpayers with good credit. This will provide a cushion and a incentives for all these good consumers to spend instead of hoarding their money in fear.

Wishful thinking, being pushed by Washington, but the power elite have fleeced the masses,who are not even aware of the theft since the money was borrowed from foreigners to be paid back by the masses over the next few decades.

Hey, didn't anybody tell them that the recssion is over????????

Cut your credit cards.
Mortage slavery is toxic.
Enjoy each other at Libraries.
Stop being Consumers of the World.
Save your cash for raining days ahead.
Bailouts are not for small people like us.
Spend more time with your family at the park.
Homes are for living in and are not an investment.
Divorce: everybody is winner, you are the only Loser.
Bankruptcy and Foreclosure are the Only Best Option.
Family quality time does not necessary mean expensive.
Home is biggy bank, not ATM machine or generate profits.
Lawyers, Banks, Reators will do anything to getting you in debts.
Be careful with all the rosy forecasts from "experts" and "gurus"

No Job. No Money. No Honey. No Health Insurance. Until the employment situation improves, it's not likely that the level of mortgage defaults will begin to fall. The worst has yet to come.

Economists, Reporters, National Association of Realtors claim they are seeing signs of a bottom to the worst recession in decades, but I, who is in the trenches with consumers, doesn't quite see it that way.

Until the employment situation improves, it's not likely that the level of mortgage defaults will begin to fall. There are more foreclosure ahead. This time it is customers with good credits and responsible owners who lose their jobs.

That's what happens when you buy something that you cannot afford. Nowadays, people want it all, and they want it NOW. They don't want to wait until they can pay for it. I don't feel sorry for them.

Change we can believe in? Thanks lots (sarcasm) Obama

How can anybody say the recession (really turning into the Great Depression II) when they even predict foreclosure and hiring will not improve for at least a year (I say more than a decade). It was the experts that got us into this mess. I know, think positive. Postive thoughts don't pay the bills. Even those with money are cutting back because now it is trendy and they don't want to flaunt it in front of others.

There is a BIG difference between being late on a mortgage payment - and being in foreclosure. Why don't they separate these numbers? Oh yes, it's because it makes the situation seem more ominous.

Why does government not intervene with new rules that change the process of foreclosure such that banks can be more tolerant of instalment delays and shortfalls, and homeoweners get a longer chance to stabilise their situation. After all, in the current system, many borrowers ARE living in foreclosed houses many months after foreclosure was initiated, and, knowing the inevitable foreclosure outcome they are NOT making mortage loan payments.

I posted a comment but if failed to register???

Mortgage companies are helping people with Fannie Mae & Freddie Mac mortgages only, right now..... yeah, they're the ones that got us into this mess in the first place, yet, Obama is helping them out, STILL!!! WTF? He's too busy bailing out his compadre's as usual! I hope we survive the next 3 1/2 years! Come on 2010!

If the government and media propaganda machine were to stop exaggeratedly optimistic forecasts about recovery, and recession
end, more people might prioritise spending, thus paying mortage loan instalments on time, and avoiding frivolous consumer buys that interfere with keepng mortgage payments up to date.
The American culture of having it all is a factor that works against good conduct by borrowers, whether mortgage loan or credit card customers.

Without interest rates down to 4.0% there is no way defaults will come down in the housing mess.Rates are actually going up.Now that is a real big problem!

I believe in fair trade not free trade. The problem with NAFTA is; 1. Countries that are pulling jobs away from the U.S. have to raise their standard of living, enviromental standards, and wages to buy U.S. made products which is not happening. On the other hand this could happen 2. We have to lower our standards and wages to compete.
No one ever thought #2 would take place. All they saw was the easy money (investment) side of NAFTA. If you donot have a consumer, your product is worthless. It will be too late when people grasp this idea.

U.S. workers wages are not dropping out in the open instead they are being layed off to find a job elsewhere for a cheaper wage then they can not afford to buy products. Then the company that layed them off will hire a new worker durring an up-swing of the economy for a cheaper wage and the cycle will start all over again. The first cycle was around 1998 and this is cycle number two. Each cycle will get worse and worse until the U.S. ends up in a position like Mexico where we can compete again but it will be for nothing. Our own Government killed the United States with NAFTA, high business tax and regulation that found it's roots in socialist Europe.

In the lead article, it says "1 in 8 home owners late paying." If you are a home owner, then by definition you are not paying a mortgage. My guess is that you mean 1 in 8 houses are late in paying or is 1 in 8 of those that have a mortgage are late in paying? So 12.5% can't pay which is pretty much those without a job and those that bought too much house. I've also heard that as GM goes, so goes the country. We know how they are going and many say we have bottomed out of this recession. Tell that to those that lost and will lose their job in the next year or so. If you live long enough, you will see this time period called the Great Depression II. Even if Obama is really working to help the country, he will not be enough.

"The housing market depends on the employment situation," Brinkmann said today.

"The unemployment situation depends on the housing market,"
Brinkmann said yesterday.

I know this dude Brinkmann. He introduced me to my last 3 wives.

The economy is rebounding they tell us. Unemployment is unexpectedly down they tell us. Paint your roof white they tell us. The ice cap is melting they tell us. Just refinance your upside house they tell us.
Funny the things they tell us.

Light up and shut up Reefer. You have no clue about what you spew your ranting BS. You and JaneD should roll up a few and get lost.

BlowBamma is putting on his Superhero Cape this instant and is flapping around the Oval office with Biden in tow. Pelosi the Botox Queen is trying to pry her lips off some Chinese A$$ but is having trouble breaking the vacuum seal she created on the first suction. Reid is trying to "well"--learn to Read. But as soon as they get these important chores performed they may have time to look into the matter. But I wouldn't hold my breath.

More evidence Obamas policies are a disaster. Nobody wants to spend money because they know the decisions Obama is making will damage the economy. Some will come on this thread and supposedly defend him by blaming Bush, but those same people will not invest a dime in Obamas economy.

Some will certainly tell you they will but if the 60 something million that voted for him would spend money we would not have this mess.

me personally, not spending one dime on anything unnecessary til Obama is gone and/or congress provides a better balance of power.