It is extremely difficult to ignore, even as we enter the wonderful season of Christmas, the almost never ending flow of bad economic news that falls on Americans from Washington. This time it is data pertaining to the housing market.
The Federal Reserve has most recently announced that national foreclosure rate on homes stands at 4.56%, which does not in itself shock anyone until the Federal Reserve explains that in "normal times" the foreclosure rate on houses in American is only at a 1% figure. Picture this numerical difference in the context of your "normal" income which would now be over 4 times greater than in the past. Or worse yet, picture your personal debt which would also be over 4 times more than its usual amount.
Continuing with its bad news report, this same Washington agency projected that there would be filed some 2.25 Million new foreclosure law suits on homes by the end of 2011 and another 2.00 Million during 2012. Currently, the Federal Reserve claims, FannyMae owns, that is has secured title to via a foreclosure action, over 240,000 residences all across our nation. It is most difficult to imagine how much money has been lost by FannyMae as a result of these defaulted mortgages or how much more money it costs FannyMae each month to maintain almost a quarter of a million individual pieces of real estate.
Last quarter foreclosure rates increased in 48 of our 50 states.
So what efforts do Obama and his fellow socialist/liberal/progressives undertake to address and solve this situation? The answer is nothing in that they focus only on methods to shift more power to the federal government and to continue to try to divide our population based on economic well being. Until just a few days ago, Obama and his allies considered anyone earning more than $250,000.00 a year as the proper target but have reconsidered because of an overwhelming negative response. Now the ones to be punished by higher taxes are those Americans who earn $1,000,000.00 or more a year.
The economic status of our nation is poor and the future is very clouded. There is a solution but it requires the federal government to back out of the picture including the elimination of all "stimulus" spending and it requires all Americans to "tighten the belt". The general population of the United States can address and reverse the economic status of the nation.
With any luck, in January the new Congress will redirect our nation and shift authority back to the people.
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