U.S. Jobless Claims And Foreclosures Surge

Based on financial data released this week, U.S. jobless claims and foreclosures have surged in America, painfully illustrating the financial crisis that began in 2008, is ongoing, as government remedies have failed to stem losses and fix the problem. U.S. foreclosures also set another record.

The financial health of Uncle Sam (Photo credit: David Dees)

A report this week also revealed, President Obama's mortgage relief program wasted billions in taxpayer money and produced very little positive results. Something similar transpired with Obama's jobs program.

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US Foreclosure Filings Rise 16% as Bank Seizures Set Record

Watchdog Group: Obama's Mortgage Aid Plan Wastes Billions

U.S. Homes Sales Down Again

U.S. President Barack Obama

Two days ago it was announced, new U.S. home sales declined to its lowest levels on record for the month of January 2010. Today, it was reported the sale of preexisting homes in America fell to record low numbers as well, as people are having great difficulty unloading their properties, with a lack of eligible buyers.

This is not good, as it will create more foreclosures, with 2009 establishing a record number of mortgages going into default. Some banks are being cooperative, but some are not. I have heard and read of success stories, regarding homeowners who had their mortgages successfully modified.

However, some banks are still swooping in on mortgages attached to homes with a significant amount of equity and charging excessive, exorbitant penalty and legal fees, in trying to maximize profits.

In one such case, a property was valued at double the amount the bank is owed and a devastated homeowner bulldozed the property rather than let the bank auction it off.

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New Home Purchases In America Hit Record Low

U.S. Economy: Sales of Previously Owned Homes Unexpectedly Fall

February 26, 2010, 12:52 PM EST - Feb. 26 (Bloomberg) -- Sales of previously owned U.S. homes unexpectedly dropped 7.2 percent in January to a seven-month low, indicating a lack of job growth is undermining government incentives to bolster the housing market.

The decline to an annual pace of 5.05 million, reported today by the National Association of Realtors in Washington, was the second-largest on record after December’s 16.2 percent plunge. A separate report showed the economy grew at a 5.9 percent pace last quarter, faster than initially estimated...

http://www.businessweek.com

New Home Purchases In America Hit Record Low

New home sales in America hit a record low last month, of 309,000, which is a sign indicative of a weak and struggling economy. It is the lowest number since 1963 when the records began. The economic and financial systems are still log-jammed, for such a negative record to be achieved.

Buying a home is considered the American dream and if that has decreased to such low numeric levels, it should send a terrible signal to Washington that things are still amiss in the financial sector and with the American people's collective finances.

However, it is Washington and the current Congress will just interpret it as "Spend More" taxpayer money, which is the wrong answer.

Apart of the problem is unemployment has skyrocketed, many Americans have filed bankruptcy and as a result of financially challenging times, now have bad credit. It is now extremely difficult to buy a home in America with bad credit and or no job.

New home sales hit record low

Wed Feb 24, 2010 1:25pm EST - WASHINGTON (Reuters) - Sales of newly built U.S. single-family homes unexpectedly fell to a record low in January, while mortgage demand for purchases hit a 13-year low last week, fanning fears of renewed housing market weakness.

The Commerce Department said on Wednesday sales dropped 11.2 percent to a 309,000 unit annual rate, the lowest level since records started in 1963, from 348,000 units in December.

It was the third straight monthly drop in new home sales and the largest percentage decline in a year. Analysts, who had expected a 360,000 unit pace, said bad weather was partly to blame and warned of more of the same for February...

http://www.reuters.com