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New Jersey saw an 84 percent jump from a year ago in bank repossessions

New Jersey saw an 84 percent jump from a year ago in bank repossessions

CommonSenPlease | Dec 13, 2012 01:15 PM ET New Jersey saw an 84 percent jump from a year ago in bank repossessions, and a 538 percent jump in foreclosure starts means those repossessions will continue to rise. The same for Connecticut, which saw a 95 percent jump in starts and a 60 percent jump in bank repossessions. ==================== Substantial jump occurred b/cos the banks deliberately delayed or postponed the foreclosures to future dates. This allowed the banks to avoid material disclosures on the balance sheet and evaded wrtie down of risky loans required under accounting rules - a form of creative accounting. Moreover, it gives the appearence of a healthy strong balance sheet and pass the liquidity test administered by the Fed. So, fool someone, but not me. Timing difference is an old accounting gimmick.

NewDay12 | Dec 13, 2012 01:27 PM ET The last 3 1/2 years I watch my friends go upside down, can`t relo for a job and getting hit with increased taxes. I`m enjoying a nice 2 br apt, new construction for less than taxes...I`m nimble and can take a job any where and there are no unexpected repairs I never got these things about "owning a home". 1) you have to pay interest, mortgage and taxes. ***with renting you just pay your rent. 2) You never own your home for two reasons: if your home is F&C you still have to pay taxes..if its not F&C you have to pay taxes and mortgage aka rent to the bank. 3) Screw equity....if you want your equity you need a LOAN. The taxes / interest money I save is LIQUID at my disposal in the Bank. 4) YOU ARE SIMPLY RENTING FROM THE BANK . the bank is they type of%2

Independentability | Dec 13, 2012 01:36 PM ET WHAT housing recovery?? From the article: "Foreclosures continue to ease in the formerly hard hit states, like California, Arizona and Nevada, as investor demand continues to prop up home prices and clear distress from those markets." From CNBC: Most new housing starts are multi-family homes, i.e. rentals, NOT single-family homes. From the banks: Massive shadow inventory still is sitting on their books, awaiting price increases before releasing to the market. Who`s trying to kid whom?? The housing market can show an 11% month-over-month increase and everyone gets excited, but 11% more than zero is still close to zero. Housing is a joke. How many people will want to pay a 3% tax on the sale of their home, thanks to Obamacare? In a zero-win game, that`s just adding insult by

tradereye | Dec 13, 2012 01:37 PM ET IMO, Short sales will indeed cease as of 2012. Foreclosures, however, will continue as will bankruptcy, (which will increase). Foreclosure is what the bank wants; they will "write off" the difference on their books, buy back the property at discount (to themselves as an REO), and shufflie it off to management companies (who are already forming for that purpose). If you are a middle class citizen looking to buy, I would say start looking REALLY HARD because the window of opportunity will soon be closed for a very long time. Banks will not allow a mere mortal to buy their cash cow (which will be turning a positive profit next year and forward) at anywhere near realistic market prices. And the inventory will shrink as well which will also drive up prices.






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New Jersey saw an 84 percent jump from a year ago in bank repossessions

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