Upside Down in an Upside Down Market

You see the statistics for real estate delinquencies and foreclosures are growing on a weekly/monthly basis. Most communities, counties, and states now find themselves having more of both than at any time since the Great Depression of the 1930s. Foreclosures are high and could still beat last year's numbers. Harris County, for example, racked up 2,219 foreclosures during the first two months of the year.

Organizers with the Michigan campaign for a moratorium on foreclosures, evictions and utility shut-offs demonstrated on March 20 at the McNamara Federal Building in downtown Detroit. Jennifer Granholm to declare a state of economic emergency and impose a moratorium on home foreclosures. Grassroots people’s struggles against the mortgage lenders, bankers and bosses, such as those being waged by organizations like MECAWI in Detroit, can and must be replicated in cities and towns across the country. The capitalist bankers and bosses are pushing us from our homes.

Whether it's because homeowners were stuck in a negative equity situation, or took out a bad loan, there are plenty of luxury homes on the market ripe for the picking. Listings were gathered from RealtyTrac and REOTrans, two firms specializing in foreclosure and real estate owned properties. Also many homeowners continually tapped into their equity and overextended themselves into not being able to pay their mortgage, coupled with an interest only 1st and 2nd - but they have 2 nice BMWs in the driveway. It is a personal option to live within means, but to live beyond a reasonable budget is grossly ignorant and I have no empathy. Both support more counseling services for at-risk homeowners and stronger truth-in-lending rules.

Not to mention that declining property values are wiping out any equity, often even leaving homeowners of many years suddenly owing more than their property is worth.