Foreclosures have already begun to surge amid rate hikes
May 4, 2022 20:11:40 GMT -5
Post by OmegaMan on May 4, 2022 20:11:40 GMT -5
Foreclosures have already begun to surge amid economy-destroying Fed rate hikes
Wednesday, May 04, 2022 by: JD Heyes
Tags: 2007, Biden regime, Bubble, chaos, Collapse, deep state, economic collapse, finance, foreclosure spike, foreclosures, Great Recession, housing, housing collapse, interest rate hikes, mortgages, Real Estate, risk, SHTF, supply chain, supply chain crisis
This article may contain statements that reflect the opinion of the author
(Natural News) The Biden regime’s intent to destroy the powerhouse economy that President Donald Trump built in just four short years actually began when the leftist deep state pushed him to agree to recommend lockdowns and business closures during the COVID-19 pandemic in 2020, the year the same people were plotting to steal his reelection.
And now that the process is in full swing, the regime is set to finish the job.
During Biden’s first year in office, the Democrat-majority Congress passed one major spending bill after another, flooding the country with newly printed trillions at a time when there was a worsening supply chain crisis and ongoing shutdowns. The result was out-of-control inflation as more money in the system competed for fewer goods and services, a perfect recipe for spiking inflation.
Ostensibly to ‘control’ inflation, the Federal Reserve has begun hiking interest rates which is expected to slow down spending to allow the supply chain to catch up with the money supply. But at the same time, the rate hikes come as used cars have risen in price by 35 percent while prices for existing homes have also shot skyward as they did in the years before the 2007 Great Recession.
The resulting crash left millions of Americans with overpriced homes that lost a third of their value, leading to massive foreclosures and an economy literally on the brink of collapse — and it’s all happening again.
Already a tsunami of foreclosures has begun sweeping over the country, according to the Strange Sounds blog, which reports:
In March 2022, foreclosures surged 181% to [the] highest levels since March 2020, with Chicago, New York, LA and Houston leading the pack.
Some eight months after a nationwide moratorium on foreclosures expired, foreclosure filings soared to the highest level since the pandemic began.
Last month, 33,333 properties across the U.S. faced foreclosure, a 181 percent jump from March 2021 and 29 percent pop from February, according to a report by foreclosure tracker Attom. The first quarter saw 78,271 properties with a foreclosure filing, a 39 percent increase from the previous quarter and 132 percent from last year.
In March 2020, barely a month into the COVID pandemic shutdown, nearly 47,000 homes were held in foreclosure filings according to Rick Sharga, the executive vice president of market intelligence for the firm ATTOM.
And in fact, March was the 11th consecutive month where foreclosure activity posted a rise year-over-year.
Continued at link
Wednesday, May 04, 2022 by: JD Heyes
Tags: 2007, Biden regime, Bubble, chaos, Collapse, deep state, economic collapse, finance, foreclosure spike, foreclosures, Great Recession, housing, housing collapse, interest rate hikes, mortgages, Real Estate, risk, SHTF, supply chain, supply chain crisis
This article may contain statements that reflect the opinion of the author
(Natural News) The Biden regime’s intent to destroy the powerhouse economy that President Donald Trump built in just four short years actually began when the leftist deep state pushed him to agree to recommend lockdowns and business closures during the COVID-19 pandemic in 2020, the year the same people were plotting to steal his reelection.
And now that the process is in full swing, the regime is set to finish the job.
During Biden’s first year in office, the Democrat-majority Congress passed one major spending bill after another, flooding the country with newly printed trillions at a time when there was a worsening supply chain crisis and ongoing shutdowns. The result was out-of-control inflation as more money in the system competed for fewer goods and services, a perfect recipe for spiking inflation.
Ostensibly to ‘control’ inflation, the Federal Reserve has begun hiking interest rates which is expected to slow down spending to allow the supply chain to catch up with the money supply. But at the same time, the rate hikes come as used cars have risen in price by 35 percent while prices for existing homes have also shot skyward as they did in the years before the 2007 Great Recession.
The resulting crash left millions of Americans with overpriced homes that lost a third of their value, leading to massive foreclosures and an economy literally on the brink of collapse — and it’s all happening again.
Already a tsunami of foreclosures has begun sweeping over the country, according to the Strange Sounds blog, which reports:
In March 2022, foreclosures surged 181% to [the] highest levels since March 2020, with Chicago, New York, LA and Houston leading the pack.
Some eight months after a nationwide moratorium on foreclosures expired, foreclosure filings soared to the highest level since the pandemic began.
Last month, 33,333 properties across the U.S. faced foreclosure, a 181 percent jump from March 2021 and 29 percent pop from February, according to a report by foreclosure tracker Attom. The first quarter saw 78,271 properties with a foreclosure filing, a 39 percent increase from the previous quarter and 132 percent from last year.
In March 2020, barely a month into the COVID pandemic shutdown, nearly 47,000 homes were held in foreclosure filings according to Rick Sharga, the executive vice president of market intelligence for the firm ATTOM.
And in fact, March was the 11th consecutive month where foreclosure activity posted a rise year-over-year.
Continued at link