From DS News:
The Foreclosure Crisis: A Retrospective
On Tuesday, CoreLogic released a report titled “United States Residential Foreclosure Crisis: Ten Years Later” to examine how the country has handled and recovered from the foreclosure crisis in the years since. The report also gives background from the early 2000s leading into the crisis.
The foreclosure crisis began in 2007, and peaked in September 2010. In that month alone, approximately 120,000 homes entered foreclosure. Economists tend to mark the bankruptcy of two Bear Stearns subprime funds in June 2007 as the beginning of the crisis, followed by a worsening crisis when Lehman Brothers declared bankruptcy in September 2008. In 2009, unemployment peaked as well, adding to the crisis.
“The country experienced a wild ride in the mortgage market between 2008 and 2012, with the foreclosure peak occurring in 2010,” said Dr. Frank Nothaft, Chief Economist for CoreLogic. “As we look back over 10 years of the foreclosure crisis, we cannot ignore the connection between jobs and homeownership. A healthy economy is driven by jobs coupled with consumer confidence that usually leads to homeownership.”
Over 1 million foreclosures occurred in in 2010 when the crisis peaked. Following this peak, foreclosures began to steadily decline year by year, dropping by 100,000 per year through 2016. By state, Florida experienced the highest number of foreclosures during the crisis, with 12.5 percent of homes in the foreclosure process in June 2011.
In addition to foreclosures, CoreLogic reported the number of mortgages in serious delinquency, or more than 30 days past due, during the housing crisis. At the end of 2016, 1 million mortgages, 2.6 percent of homes with a mortgage, were in serious delinquency. Serious delinquency had previously peaked in January 2010 at 3.7 million, 8.6 percent, of homes with a mortgage in delinquency.
Currently, 385,748 completed foreclosures are in effect, below the 2010 peak of 1,178,234, and the number is expected to continue to fall. In 2013, as the market began its repair, then CEO and President of CoreLogic Anand Nallathambi stated, “The housing market is clearly on the mend, but we expect the ultimate conclusion of the present housing cycle to be another several years away . . .”
From Time:
Reddit Is Losing It Over These Crazy Cheap DIY Houses Sears Sold 100 Years Ago
A century ago, the typical American’s salary was $687 per year. That might not sound like much—after factoring in inflation, it’s about $16,500 in today’s dollars—but it was more than enough to buy a house.
Well, it was more than enough to cover the materials for a house anyway. Back then, the starting price of a house from Sears, Roebuck & Company, which shipped home components in parts that would have to be assembled by buyers, was only $659. That’s the equivalent of $16,164.74 today.
A recent Reddit post pointed out this amazing historical tidbit, along with a link showing an ad from the Sears Modern Home Catalog circa 1913-1917.
Decades ago, Sears sold the plans and materials to dozens and dozens of different house styles, including the Modern Home No. 229 that surfaced on Reddit. According to the century-old ad, the $659 price covered all the lumber, lath, flooring, roof, pipes, cedar shingles, paint, and other materials needed to build a five-room bungalow, featuring two bedrooms, a kitchen, and a front porch.
Boomers to broke to retire….millennial kids bagging groceries…nothing to see here.
So I cut cable so I can’t see what Rachel Madodw is releasing but this coming out of the Whitehouse suggests Damage Limitation
Or that she got punked.
That tax return has Trump paying more in taxes than plenty of liberal democrats. Bernie Sander’s released tax returns have him paying an effective rate of 13.5% compared to Trump’s 25%. Obama? Only 18.7%. Just to put it in perspective, Trump paid 480 times in taxes in 2005 than Obama did in 2017. He roughly paid the equivalent of 4000-5000 average American families.
White House is correct as well, his other business would have paid millions in other taxes above and beyond his own income taxes.
So it turns out, what, he actually is paying his fair share in taxes? Not only that, but paying a shit ton more in taxes than his biggest critics?
@TomPerez
I’m sure Trump would prefer to talk about tax returns and not the millions who will lose their health insurance under his plan.
7:02 is it Insurance or insouciance..? you decide
WSJ reported on Trump”s 2005 tax return a year ago. DTS anyone?
Grim
highly recommend you read Pill City: How Two Honor Roll Students Foiled the Feds and Built a Drug Empire. It’s true story of old school “god father” type mobsters meet disruptive technology, set against the Baltimore Riots in 2015.
Putin √
Farage √
Trump √
Wilders √
La Pen ?
Frauke Petry ?
Oh YEAH!
Except Sanders wants to change the tax code so people like him pay significantly more. Trump wants to get rid of AMT which would have put his effective tax rate at 3% in 2005. So sanders is no more hypocritical than all you dummies who complain about government handouts and then take the home mortgage and interest deductions.
Also the issue isn’t only what he pays in taxes but which countries he’s getting his money from and who he’s beholden to. Maddow started the segment saying it’s very likely trump released these himself to make himself look good. She’s hoping there’s now an incentive for people to send supporting docs or other years to knock him down. The only one being punked is your stupid azz.
“So I cut cable so I can’t see what Rachel Madodw is releasing but this coming out of the Whitehouse suggests Damage Limitation
Or that she got punked.
That tax return has Trump paying more in taxes than plenty of liberal democrats. Bernie Sander’s released tax returns have him paying an effective rate of 13.5% compared to Trump’s 25%. Obama? Only 18.7%. Just to put it in perspective, Trump paid 480 times in taxes in 2005 than Obama did in 2017. He roughly paid the equivalent of 4000-5000 average American families.
White House is correct as well, his other business would have paid millions in other taxes above and beyond his own income taxes.
So it turns out, what, he actually is paying his fair share in taxes? Not only that, but paying a shit ton more in taxes than his biggest critics?”
To any unbiased observer, it’s obvious the left has become unhinged. I’m personally going to enjoy watching it for the next several years, and hopefully longer. Everything now is a conspiracy of some kind until it can’t be denied any further and then they become histerical(and increasingly violent).
Trump wants to get rid of AMT which would have put his effective tax rate at 3% in 2005.
So first, you argued that he didn’t pay taxes, and didn’t pay his fair share. When it was shown that he did, and actually paid a both a greater percentage and a greater total dollar amount than his biggest critics, you change the argument to a hypothetical case in which he maybe wouldn’t have paid as much in taxes?
Otto – still pining away about Sanders? Your candidate lost to Hillary not Trump, your bone to pick is with the DNC.
Also in 26 years Bernie has been in Congress he has had only 3 bills he sponsored passed. Not a very effective legislator.
Show me where he proposed these sweeping tax law changes? He has had 26 years to do it.
Here is the search for ya.
https://www.congress.gov/member/bernard-sanders/S000033?q={%22congress%22:%22all%22,%22sponsorship%22:%22sponsored%22,%22type%22:%22bills%22,%22bill-status%22:%22introduced%22,%22search%22:[%22taxes%22],%22within%22:[%22taxes%22]}&searchResultViewType=expanded
Funny how a do nothing legislator who never held a real job is now a millionaire with 3 homes, only in Congress can you do that.
Ottoman,
I love when you snow puzzies get your frilly panties in a bunch. Every time your pathetic, weak, rudderless side tries to make a case or think they’re gaining some traction, I think of this scene from the movie Gettysburg: https://www.youtube.com/watch?v=UyIVzopqHIQ
You have nothing – no party, no representation, no courage, no direction and no plan.
I have no doubt Trump used the Tax laws to his advantage. However the blame still lies with Congress, it always has been them and their special interests and their money that is the problem.
People forget how only a dozen people and their army of lobbyists have more of an effect on the laws passed than electing an outsider to drain the swamp.
Blame Trump it’s all his fault but never even bother to look at the record of the legislators you elect, like Booker and that crook Menendez. Heck I’ll even toss in our own Chris Smith who has been at it for 38 years!
http://chrissmith.house.gov/biography/
Any tax professional will tell you that AMT is an absolute mess and needs to be completely revamped. AMT doesn’t hurt Trump, AMT hurts middle class families in high cost areas who are now caught in a net that was never originally intended to catch them. How about we revamp the tax code such that the average person can actually do their own taxes again? The fact that there is now an HR Block on every main street in America tells you all you need to know about the tax code.
I have no doubt Trump used the Tax laws to his advantage.
Every tax prep advertisement on TV, the internet, in the newspapers claim that by using them, you can “maximize your return”. Same goes for Turbotax, who for years claimed their software “optimized your taxes”.
Hell, the website right now:
“Get your biggest refund with no appointment or tax knowledge needed – guaranteed”
So, I don’t understand. If you are claiming all deductions made available to you by law, how is this somehow wrongdoing or immoral?
It’s no more immoral than Bernie Sanders not overpaying his taxes every year.
Footrest,
“Except Sanders wants to change the tax code so people like him pay significantly more.”
You don’t read beyond headlines, do you?
Grim,
“How about we revamp the tax code such that the average person can actually do their own taxes again? The fact that there is now an HR Block on every main street in America tells you all you need to know about the tax code.”
Blasphemy!!!
The notion of “leaking” your own tax information to me is absurd. Tinfoil hat type stuff.
Stuck at home with my 7yo for a second day because some effete in their lux SUV decided to take out a major intersection on Route 1 that was already the alternate for a state highway closed for bridge replacement. Buses and parents literally cannot get from one side of the Brandywine to the other without a several miles long detour.
I will need booze. Or weed
NWNJ
And that leak theory only surfaced after Maddie got a lot more blowback than she bargained for, including the prospect of a visit from IRS CI agents.
Would be cooler if she played Rick Astley at the end of the show.
Delayed School opening drop off this morning is sheer hell.
Juice,
I’ve got my 7YO home again today because of some idiot in an SUV. He or she picked the absolute worst place in the entire school district to decide to play demolition derby. US Route 1 and PA 100 both shut down in all directions for hours this morning.
The only thing worse than listening to that @sshat Maddow was that so called tax expert she brought in with a dumber agenda than hers. This whole tax thing is the exact same thing as the birther movement was. EXACT!!! The left is unhinged. Yet Pelosi still leads them. Did anyone see those white dressed boobs doing thumbs down motions during Trump’s address? It was absolutely absurd. There are your leaders in the white dresses Otto. Enjoy it.
http://tinyurl.com/dem-leadership-lol
Ladies and gentlemen, I present to you, progressive leadership!
http://tinyurl.com/respek-lol
http://tinyurl.com/gt5f5ds
@kurteichenwald
Hospital stocks collapsing in wake of CBO analysis of Trumpcare.
And my MD wife fears her practice will lose many currently insured patients
@paulkrugman
The CBO finds, for example, that a 64-year-old with an income of 26K would see net premium rise from $1700 to $14,600.
Promises broken
9:18 that makes both of us then.
Look at the plummet. Why not check out their 10-year charts when you’re there sh1t for brains. Let me know when it gets back down to say 25.
http://finance.yahoo.com/quote/HCA?p=HCA
All ACA did was make everyone who already had insurance pay a ton more for those who did not. It was the greatest thank you to the medical industry since, well, Medicare Part D.
And my MD wife fears her practice will lose many currently insured patients
Translation:
My small business owner wife fears her business will lose many customers because of changes in government regulation.
Welcome to America.
TRENTON – A federal judge has thrown out a now infamous lawsuit from a former employee of the Case Pork Roll Co., which she claims forced her out the door, after firing her 400-pound husband for chronically passing gas at work. She explained her husband has health issues, prompting all that workplace gas and extreme diarrhea, NJ 101.5 reports. She says employers had enough, quoting them saying, “We have to do something about Rich,” and “We cannot run an office and have visitors with this odor in the office.” The judge said the comments didn’t rise to the level of an “abusive work environment.” Rich is probably a great guy; it’s a shame that co-workers won’t miss him.
What the heck is “extreme diarrhea?”
1:40 a new X Games event…..clean-up is a beatch.
I wonder if someone involved in this case ten years ago is the source of the leak.
https://www.forbes.com/sites/danalexander/2017/03/14/10-years-before-maddow-rachel-show-revealed-tax-returns-forbes-trump-reported-how-much-trump-paid-in-taxes-tax/#7df646457163
Here is the brief report from William P. Barrett, writing in the Informer column of Forbes on Feb. 26, 2007:
“A snappy moment enlivened a Camden, N.J. hearing on Donald J. Trump’s libel suit over author Timothy L. O’Brien’s TrumpNation: The Art of Being The Donald. The book says Trump is worth less than $250 million. ‘I think I’m going to hire his accountant,’ Superior Court Judge Irvin J. Snyder exclaimed on the bench after eyeing Trump’s still-secret-to-the-public tax returns. ‘He only paid $38,000 in tax.’ Huge evidence for the defense? ‘Actually,’ O’Brien lawyer Andrew J. Ceresney stammered, ‘it’s 38–well, 38 million, Your Honor.’ Snyder replied, ‘Oh, thanks. I missed that.’ Trump lawyer William M. Tambussi didn’t skip a beat: ‘So did Mr. O’Brien, Judge.’ Trump says he’s worth $6 billion; FORBES figures $2.9 billion.”
And my MD wife fears her practice will lose many currently insured patients
Maybe your MD wife should start dealing in cash and stop artificially inflating prices like any other normal business would.
Costa Rica. Higher ranked healthcare than America and at 1/4 to a 1/3rd the price. Most doctors down there were trained in the U.S.. Can’t wait to move.
can’t wait for you to leave
STEAMTurd says:
March 15, 2017 at 3:19 pm
Can’t wait to move.
@ava
Trump tax returns distract from white nationalist advisor distracts from Trumpcare distracts from crimes with Russia distracts from…
7:02
puzzy wanting to be grabbed:
Debbie Wasserman Brazile Perez left out a key word.
I’m sure Trump would prefer to talk about tax returns and not the millions who will lose their FREE health insurance under his plan.
Besides, how many Obamaphone insurance grifters live in California, New York, NJ and Illinois? Perhaps a lot? Let them enjoy their Schumers, it shouldn’t bother any Republicans and all that really counts, right? What did Kissinger call them? Useless eaters, right?
3:26
puzzy wtbg, I think you meant:
Trump tax returns distract from
white nationalist advisorfailed alt+left narrative distracts from Trumpcare failed alt+left narrative distracts fromcrimes with Russiafailed alt+left narrative distracts from… next failed alt+leftUnhinged!
How bad is the Maddow/Trump Taxes thing for the Democrats? CNN is running with “Democrats urge one another not to get distracted by Trump’s taxes” (http://cnn.it/2mrbmNm).
Well shit – it sure seems to be the case
Fed raised rates – nobody noticed
One thing I have observed about the left and tax rates is that they will forever say “the rich don’t pay their fair share”. Yet they will never say what that “fair share” is, instead they respond with “more than what they are paying”. Even at 99% they would complain about that last 1% that the rich are “greedily” keeping. Because they hate people who live successfully and are productive. It’s an affront to their moral code that says every individual must sacrifice their own life and their happiness to the collective.
I’m really looking forward to collecting meaningful interest on bank deposits and CDs again someday soon. $1m in the bank can get you about $10,000/yr now, pre-tax. Still doesn’t cover the annual devaluation of your dollar’s purchasing power.
4:30 …. i did! Locked last thursday. Whew!
Speaking of fair share. Trying to do some napkin math, I suspect Trump actually paid more in Federal Taxes in 2005, than the entirety of Paterson, NJ, all 44,000 households, 145k residents.
I’m pretty sure my math checks out.
Grim it was a non event.
I manage a 7 figure 3, 6, 9, 12 month CD ladder for my MIL as part of her IRA. I’m hoping to get about 1.35%+ when I buy more 1 year brokered CDs next month. In December I bought the January rung early when I was able to get 1.15%. It’s hard to believe that those are now “good” rates.
I’m really looking forward to collecting meaningful interest on bank deposits and CDs again someday soon. $1m in the bank can get you about $10,000/yr now, pre-tax. Still doesn’t cover the annual devaluation of your dollar’s purchasing power.
^^^BTW, my MIL wants to have FDIC guaranteed liquid millionaire status, no matter how little a million dollars buys in the future. Three years ago my FIL had over $1 million at 0% inside the IRA, which became $1 million at 0.01% when the account was moved to Ameritrade, so 1% now on the same money is a hundred fold improvement.
5:31
You would likely do better now. Ten year rates dropped on the news that the Fed won’t raise more than 3 times this year. I think you’ll likely see long rates drop all year.
4:30 …. i did! Locked last thursday. Whew!
Most people have never heard of a deflationary boom, a rare condition in which a country’s economic activity rises but inflation falls. We may be in one right now.
If you think in terms of 4 quadrants, we are always in 1 of the following 4:
1. Inflationary boom
2. Inflationary bust
3. Deflationary boom
4. Deflationary bust
The trick to investing is knowing which one you’re in and predicting which one will follow.
I would argue that rather than sweating the interest rates, it’s way more valuable to save when you are young and let compounding do the rest. Saving is always the key.
Uhm…
Deflationary boom?
You mean … like … utopia?
Purchasing power increases in concert with a boom in economic activity.
This would be a bad thing, how?
The only challenging situation in this scenario is that capital investment is slightly more expensive as a result. So perhaps some projects don’t make it over the hurdle.
in the consumer front – it means increases in nondurables and short term purchases in lieu of purchases requiring longer term financing. But still – easily tempered by economic positivity and growth.
This is from 2014, but it seems quite a bit like last fall until now. Remember, it was only the OPEC cuts that got oil in a comfy place above $50, but now that is fading:
In short, a deflationary boom is not supposed to be able to happen, but it appears to be a byproduct of globalization.
In this environment, which was last seen in the 1990s, the shares of “early cyclical” companies like airlines, railroads and specialty retailers should go up, while late-stage cyclicals like miners, metal producers and energy producers should go down — pretty much what has been happening in the second half of this year.
Falling inflation boosts consumers’ free cash flow, or disposable income, which leads them to spend more on clothing, travel, cars and the like. For a variety of reasons, Trahan observes, the Phlly Fed tends to be one of the first indexes to respond and rise dramatically, and then activity in other Fed regions — Chicago, Richmond and Dallas — then to follow.
Cornerstone argues that investors who wish to position themselves for these conditions in 2015 should overweight the following “risk-on” industries and sectors: Financials, semiconductors, communications equipment, computer hardware, computer storage, electronic components, machinery, airlines, autos and steel. And they should underweight the “risk off” industries: utilities, food, staples, groceries, health care equipment, consumer services, insurance and software.
https://finance.yahoo.com/tumblr/blog-prepare-for-the-rare-deflationary-boom-133829135.html?bypass=true
“White House is correct as well, his other business would have paid millions in other taxes above and beyond his own income taxes.”
Funny, that is always overlooked by some in the whole Regressive vs Progressive argument.
In fact in your own example ” I suspect Trump actually paid more in Federal Taxes in 2005, than the entirety of Paterson, NJ, all 44,000 households, 145k residents.” Where does Patterson rank against Trump in the secondary Tax Market. Sales Tax, Property tax etc?