Contribute
CONNECT:

blog

Obama’s Failed Housing Policies Lead To Incoming Wave Of Foreclosures

RNC Communications - December 15, 2011

November’s Foreclosure Report Indicates “Incoming Foreclosure Waves”

RealtyTrac: “November’s Numbers Suggest A New Set Of Incoming Foreclosure Waves.” “‘Despite a seasonal slowdown similar to what we've seen in each of the past four years, November's numbers suggest a new set of incoming foreclosure waves,’ James Saccacio, co-founder of RealtyTrac, said in a statement. Market uncertainty surrounding an on-going foreclosure settlement between U.S. attorneys general and the major mortgage lenders contributed to November's drop as the ‘lenders are more cautious to how the process,’ he said in an interview.” (Kaitlyn Kiernan, “Foreclosures Enter Calm Before New Storm,” The Street, 12/15/11)

Significant Growth In Bank Auctions Indicates A New Wave Of Foreclosures Coming In The New Year. “Foreclosure filings may have fallen in November but the number of homes scheduled for bank auctions grew significantly, indicating that a new wave of foreclosures are set to take place in the New Year.” (“Foreclosures Fall, But Outlook Isn’t Bright,” The Chicago Tribune, 12/15/11)

  • “Foreclosure Auctions Were Up Significantly.” “Foreclosure auctions were up significantly, continuing October's trends. California (63%), Washington (56%), Ohio (53%), New Jersey (up 44%) and New York (38%) all saw big increases in scheduled auctions. In California, scheduled sales rose 14% from November 2010, the first year-on-year increase since March 2010.” (Kaitlyn Kiernan, “Foreclosures Enter Calm Before New Storm,” The Street, 12/15/11)

Auction Sales Jumped 13 Percent To A Nine-Month High Of 96,450 Properties. “Among the most telling of RealtyTrac's statistics was a significant jump in scheduled auction sales, which grew 13 percent from October and stood at a nine-month high of 96,540 properties.” (“Foreclosures Fall, But Outlook Isn’t Bright,” The Chicago Tribune, 12/15/11)

  • Banks Are Expected To Repossess 810,000 Homes This Year. “Banks are now on track to repossess some 810,000 homes this year, down from more than 1 million last year, according to RealtyTrac.” (“Report: Foreclosure Warnings, Repossessions Slow In November, But Scheduled Home Auctions Rise,” The Associated Press, 12/14/11)

Nevada Has Had The Nation’s Highest Foreclosure Rate For 59 Straight Months. “Las Vegas, the only metropolitan area outside of California in the top 10, helped lead Nevada to claim the nation's highest foreclosure rate for the 59th month in a row. One in every 175 Nevada housing units received foreclosure filings in November.” (Kaitlyn Kiernan, “Foreclosures Enter Calm Before New Storm,” The Street, 12/15/11)

With Over 6 Million Borrowers Having Missed A Payment, Combined With A Weak Economy, “The Prospects For Many Of Those Borrowers Are Dim.” “Still, according to Newport, there are as many as 6 million mortgage borrowers who have missed payments and, with the economy still struggling, the prospects for many of those borrowers are dim.” (“Foreclosures Fall, But Outlook Isn’t Bright,” The Chicago Tribune, 12/15/11)

  • “High Unemployment, A Sluggish Housing Market And Falling Home Values Remain A Major Factor In Homeowners Falling Behind On Their Mortgage Payments.” “High unemployment, a sluggish housing market and falling home values remain a major factor in homeowners falling behind on their mortgage payments. Many borrowers also have simply stopped paying their mortgage because they are underwater — a term for owing more on a mortgage than the home is worth.” (“Report: Foreclosure Warnings, Repossessions Slow In November, But Scheduled Home Auctions Rise,” The Associated Press, 12/14/11)
  • 10.7 Million Homeowners, 22.1 Percent Of All Homes, Are Underwater On Their Mortgage. “At the end of September, 10.7 million, or 22.1 percent of all U.S. homes with a mortgage, were underwater, according to CoreLogic. And an additional 2.4 million borrowers had less than 5 percent equity in their homes, the firm said.” (“Report: Foreclosure Warnings, Repossessions Slow In November, But Scheduled Home Auctions Rise,” The Associated Press, 12/14/11)

Obama Has Admitted That His Response To The Housing Crisis Has Fallen Short

Since President Obama Took Office, Over 7.9 Million Properties Have Received Foreclosure Filings. (RealtyTrac, Accessed 12/15/11)

  • In 2010, One In Every 45 Housing Units Received A Foreclosure Filing.  (Press Release, “Record 2.9 Million U.S. Properties Receive Foreclosure Filings In 2010 Despite 30-Month Low In December,” RealtyTrac, 1/12/11)

“This Summer At The White House, Obama Offered A Rare Acknowledgment That His Response To The Housing Crisis Had Fallen Short.”  (Zachary A. Goldfarb, “Obama’s Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals,” The Washington Post, 10/23/11)

  • Obama Said That Housing Has Been The “Most Stubborn In Us Trying To Solve The Problem.” “Asked what mistakes he had made in handling the recession and what he would do differently, he said: ‘We had to revamp housing several times to try and help people stay in their homes and try to start lifting home values up. Of all the things we’ve done, that’s probably been the area that’s been most stubborn in us trying to solve the problem.’” (Zachary A. Goldfarb, “Obama’s Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals,” The Washington Post, 10/23/11)
  • President Obama Said “I’ll Be Honest With You, [Housing] Is Probably The Biggest Drag On The Economy Right Now.” “‘I’ll be honest with you, this is probably the biggest drag on the economy right now,’ Obama replied to a questioner at an economic forum in Palo Alto, Calif., who lamented that the ‘housing crisis will not go away.’” (Abby Phillip, “Housing Crisis Back On President Obama’s Agenda,” Politico, 7/11/11)
  • Treasury Secretary Geithner: “But Our Programs Have Dramatically Underperformed What We Thought. … We Are Very Disappointed And Frustrated By It And We Have A Lot Of Challenges Ahead.” (Treasury Secretary Timothy Geithner, Testimony Before The House Financial Services Committee, Washington, D.C., 10/6/11)

PROMISE: President Obama Promised That His Housing Program Would Prevent 7 To 9 Million Families From Foreclosure. “And we will pursue the housing plan I'm outlining today. And through this plan, we will help between 7 and 9 million families restructure or refinance their mortgages so they can afford—avoid foreclosure.” (President Barack Obama, Remarks On The Home Mortgage Industry In Mesa, Arizona, 2/18/09)

FACT: Obama Has Only Helped 1.7 Million Avoid Foreclosure Of The 9 Million Homeowners He Promised. “President Obama pledged at the beginning of his term to boost the nation’s crippled housing market and help as many as 9 million homeowners avoid losing their homes to foreclosure. Nearly three years later, it hasn’t worked out. Obama has spent just $2.4 billion of the $50 billion he promised. The initiatives he announced have helped 1.7 million people.” (Zachary A. Goldfarb, “Obama’s Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals,” The Washington Post, 10/23/11)

  • The Administration’s Foreclosure Prevention Programs “Have Had Little Impact On The Overall Housing Sector.” “The administration is already using taxpayer funds from its $700 billion bank bailout program to help prevent foreclosures and give struggling Americans a reprieve on their mortgage payments. But the programs have had little impact on the overall housing sector.” (“White House Says Needs To Deal With Housing Problems,” Reuters, 6/5/11)
  • “To Date, Administration Programs Have Permanently Reduced The Debt Of Just One Tenth Of 1 Percent Of Underwater Borrowers.” (Zachary A. Goldfarb, “Obama’s Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals,” The Washington Post, 10/23/11

Previous post

Obama’s Vision Is Destroying The Middle Class

Next post

Two words to describe Obama this morning…“anger” and “disconnected”
Republican National Committee

Connect With Us

Republican National Committee
Chairwoman Ronna McDaniel
News & Videos
  • 310 First Street SE, Washington, DC 20003
  • 202-863-8500

By providing your phone number, you are consenting to receive calls and SMS/MMS msgs, including autodialed and automated calls and texts, to that number from the Republican National Committee. Msg&data rates may apply. Terms & conditions/privacy policy apply 80810-info.com.

Paid for by the Republican National Committee. Not Authorized By Any Candidate Or Candidate's Committee. www.gop.com

By providing your phone number, you are consenting to receive calls and SMS/MMS msgs, including autodialed and automated calls and texts, to that number from the Republican National Committee. Msg&data rates may apply. Terms & conditions/privacy policy apply 80810-info.com.

Paid for by the Republican National Committee.
Not Authorized By Any Candidate Or Candidate's Committee. www.gop.com