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Mises Economics Blog

foreclosure.com

July 8, 2008 2:56 PM by Mark Thornton | Other posts by Mark Thornton | Comments (3)

Austrian economists and readers of Mises.org have been following the housing bubble for over 7 years and I've been following the website www.foreclosure.com for some time now. For almost a year the number of troubled homes was around 1.5 million. Late this spring the number started moving higher and just now has exceeded the 2 million mark. Isn't it nice that the Fed announced today that it will impose new rules to protect future home buyers? Of course the whole housing bubble and mess are directly the fault of the Fed in the first place. All their efforts since the bursting of the bubble have been to help their friends in big banking and Wall Street, not the little guy.

Last update: 07/08/08 11:13 AM
Preforeclosures: 522,022
Sheriff Sales: 42,199
Foreclosures: 377,668
Bankruptcies: 372,910
FSBOs: 81,279
Tax Liens: 606,312
Total Listings: 2,002,390

Comments (3)

  • Bruce Koerber

  • We are all waiting for the Fed to announce that it wants to help everyone, not just one segment or another.

    Here's how they can do that: They announce that they themselves are an unConstitutional political institution and therefore need to be abolished. Instantly everyone will benefit (except the ego-driven interventionists).

  • Published: July 8, 2008 3:36 PM

  • N. Joseph Potts

  • How could we expect anything else? The Fed IS an association of banks OWNED by the banks. So they help their member (and perhaps other) banks and this, in turn, is good for all the rest of us.

    Right? And they do it with the money WE put into the banks, in order to make use of the monopoly (government-licensed) payments system, to which there is no alternative.

  • Published: July 8, 2008 6:10 PM

  • Noah

  • There is apparently one section of this new legislation aimed at helping existing homeowners who are facing foreclosure. Of course, there are qualifications and limitations; but looking at the numbers, it just might save my house. Unfortunately, this plan does not start until October 1, 2008 and my property is already well into the foreclosure process. All my details are on my blog (http://www.shortonchange.com/blogs/2008/blogs.080723_fha_legislation.htm). Let's hope that this does find someway to help individuals.

    Noah@ShortOnChange.com
    http://www.ShortOnChange.com

    http://www.shortonchange.com/blogs/2008/blogs.080723_fha_legislation.htm

  • Published: July 23, 2008 12:20 PM

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