Most of all my savings and wealth is in my primary residence. Like many of you, I figure my home as my big investment in life. Two and half years ago,at my old house, they rezoned the empty lot next to me and built 3 story townhomes blocking my view of the mountains. I organized the neighborhood and 200 of us homeowners tried to fight city hall and the developers. We lost.
So,we put the house on the market, sold, then found and bought a fixer-upper in a nice neighborhood and have been as snug as a bug for a while now renovating. However, that big equity isn't so big anymore.
In fact, from what I can tell, we would be lucky to sell what we initially paid for the place...forget the renovations.
Prices are falling like a rock and foreclosures are at record highs here.
The wealth and security of working class Americans are threatened by Bush Adminstration policies and Republican economic voo-doo.
I'm pissed...again.
Real estate foreclosures are up an atonishing 30 percent increase from the previous quarter and an increase of nearly 100 percent from the third quarter of 2006.
Here's a pretty picture to look at: (or not so pretty)
Nevada is #1 on the list for foreclosures.
California #2
Florida #3
Michigan #4
Ohio #5
Colorado #6
Arizona #7
Georgia #8
Indiana #9
Texas #10
The states to watch are Texas, Georgia, Arizona and Florida. As Republican strongholds in the Sunbelt, these states have lots of retirees and second home snowbirds. The negative economic impact of declining home prices, foreclosures and real estate backlogs for existing homes, cause a lot of people to wonder what the hell is going on for the strong and resilient economy that Bush was trumpeting this summer.
At the White House, Bush was quick to hail the rebound in national economic activity. "I want the American people to take a good look at this economy of ours," boasted Bush, whose economic stewardship has received weak marks. "It's an economy that is large, flexible and resilient
WTF? This started a year ago. I dunno about you, but at 50 something, I aint feeling strong, flexible or resilient so much anymore. Is everything that comes out of his mouth a lie?
And when are all the Dittoheads gonna wake up to the reality that Republican tax cuts and trickle down economics do not work for working class Americans ay any level?
They never worked for us under Reagan and they haven't worked under the Bushes.
Let's hope some working class Republicans and a few wealthier ones notice the recessions and crashes we are experiencing as a people and ignore all the propaganda streaming out of the White House and it's phony media fanfare.