Not Good News: More Foreclosures in USA
U.S. home foreclosures set another record in July
Thu Aug 13, 2009 12:11am Reuters
By Lynn Adler
NEW YORK (Reuters) – U.S. home loans failed at a record pace in July despite ongoing federal and state programs to avoid foreclosures, which have severely strained housing and the economy.
Foreclosure activity jumped 7 percent in July from June and 32 percent from a year earlier as one in every 355 households with a loan got a foreclosure filing, RealtyTrac said on Thursday.
Filings — including notices of default, auction and bank repossession — have escalated with unemployment.
“July marks the third time in the last five months where we’ve seen a new record set for foreclosure activity,” James J. Saccacio, RealtyTrac’s chief executive, said in a statement.
“Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we’re seeing significant growth in both the initial notices of default and in the bank repossessions.”
More than 360,000 households with loans drew a foreclosure filing in July, a record dating back to January 2005, when RealtyTrac started tracking monthly activity.
Notices of default, auction or repossession have reached nearly 2.3 million in the first seven months of the year — with more than half a million bank repossessions, the Irvine, California-based company said.
Making timely payments keeps getting more harder for borrowers who have lost their jobs or seen their wages cut.
The unemployment rate is 9.4 percent and President Barack Obama has said he expects it will hit 10 percent.
Obama’s housing rescue is gaining traction in altering terms of loans for struggling borrowers, but slowly.
Earlier this month the U.S. Treasury Department detailed the progress of the top servicers in modifying loans and prodded them to step up efforts to stem foreclosures.
SUN BELT STILL SUFFERING
States where sales and prices surged most in the five-year housing boom early this decade remain hardest hit.
California, Florida, Arizona, Nevada accounted for almost 57 percent of total U.S. foreclosure activity in July.
Illinois had the fifth-highest total filings, spiking nearly 35 percent from June, in an example of how moratoriums often delay rather than cure an inevitable loan failure.
Default notices spiked by 86 percent in July, from artificially low levels the prior two months. A state law enacted on April 5 gave delinquent borrowers up to 90 extra days before foreclosure started, RealtyTrac said.
Michigan’s foreclosure activity fell 39 percent in July from June, mostly due to a 66 percent drop in scheduled auctions. A state law that took effect July 6 freezes foreclosure proceedings an extra 90 days for homeowners who commit to work on a loan modification plan.
Other states with the highest foreclosure filing totals last month included Texas, Georgia, Ohio and New Jersey.
Nevada had the highest state foreclosure rate for the 31st straight month, with one in every 56 properties getting a filing, or more than six times the national average.
Initial notices of default fell 18 percent in the month, with a new Nevada law taking effect on July 1 requiring lenders to offer mediation to homeowners facing foreclosure. Scheduled auctions and bank repossessions each jumped more than 20 percent, however, boosting overall foreclosure activity in the state by 4 percent from June.
California, Arizona, Florida, Utah, Idaho, Georgia, Illinois, Colorado and Oregon were the other states with the highest foreclosure rates.
(Editing by Kenneth Barry)
Things are turning around in the USA, but these foreclosures were already in the pipeline, and more are coming due principally to people borrowing more money than they could really afford, and people who have lost jobs and can no longer pay their mortgage.
Now I am going to sound like your MOTHER: Do not take an adjustable rate mortgage. Fix your credit, get a good score, and take the very best 15 or 30 year FIXED mortgage you can get, and before you buy, make sure that you figure taxes and insurance as well as the monthly mortgage and interest when figuring your monthly payment. Make sure you can still eat, and have a little left over for emergency car repairs. It is so much better to live in a house that you can afford than to lose everything you have invested in a house you can’t afford.
If you get into trouble, talk to your lender right away. Lenders do not want to foreclose; it is in their interest as well as your own to find a way to allow you to reduce payments for a while to keep the relationship on track. There is some flexibility. Negotiate.
Stat Bump
There are a lot of factors in blogging that I don’t control. I have no control over the policies of the countries I live in. I have no control over who might like my posts and tell their friends. And I have no control over what posts might tickle interest among blog readers.
Kuwait has a lively, active blogging community, even in the face of competition from FaceBook and Twitter. Many bloggers have gone inactive, working in new areas, and have come back to blogging. Leaving Kuwait, moving to Doha, I lost about 300 – 500 regular viewers per day. I know, I know, some of you found the sunrise-over-the-Gulf daily photos SO so boring, but there were Kuwaitis all over the world who checked in just to see what Kuwait looked like each day, and having been in their position (I still check Seattle every day, and Pensacola) I know how they feel.
Some posts I consider “filler.” Maybe I can’t think of anything to say, so I share a piece of news that interests me. Or I ask a question. Posts I just tapped off and posted without giving it a lot of thought then take off, and over the months and years maintain a steady popularity. The posts I like the best are posts where my readers have stepped in, commented and we’ve all learned more about something.
At Halloween, I had my all time high stat bump – on an article I had written two years earlier. Last night, I watched the numbers climb irrationally on a news article on the Perseids – and oh, by the way, even though last night was the peak, they are still out there, and if you can find a quiet, light free spot, you are in for a thrill. I remember one year, AdventureMan and I headed for Clearwater Beach, and it was like Spring Break except it was dark, what a hoot! Everyone had blankets or beach loungers, laying out flat, looking up at the sky – with all their clothes on! It was night!
This is what I could see this morning:
Ah well, coming up are Friday and Saturday, the two worst-stat days of the week. Some days I don’t even bother blogging on Saturday!
Have you ever had an irrational stat bump? Did anyone in Kuwait or Doha go out last night to watch the Perseids? Any luck?
China Trusts Prostitutes More than Chinese Politicians
LLLOOOLLLL, thank you, BBC News for livening up the deadly August news scene:
China ‘trusts prostitutes more’
China’s prostitutes are better-trusted than its politicians and scientists, according to an online survey published by Insight China magazine.
The survey found that 7.9% of respondents considered sex workers to be trustworthy, placing them third behind farmers and religious workers.
“A list like this is at the same time surprising and embarrassing,” said an editorial in the state-run China Daily.
Politicians were far down the list, closer to scientists and teachers.
Insight China polled 3,376 Chinese citizens in June and July this year.
“The sex workers’ unexpected prominence on this list of honour… is indeed unusual,” said the China Daily editorial.
“At least [the scientists and officials] have not slid into the least credible category which consists of real estate developers, secretaries, agents, entertainers and directors,” the editorial said.
Soldiers came in fourth place.
I can’t help but wonder how the same survey would result in other countries?
Doha Heat
Seattle has – or had, I am not so sure they still have – a women’s basketball team called the Seattle Storm. I think Doha needs a women’s swimming team called the Doha Heat. I have a little direction finder from Sharper Image that I used to use in my car when I got lost so I would know if I was heading north or south (you can get really turned around and not know it) but it no longer sticks to the dashboard, it lost its stick-power from the heat.
Now I keep it on my vanity in my room, with one temperature gauge in the shadow of my windowsill. This is what it looked like on Monday of this week:
It seems to have cooled off somewhat since then, perhaps due to being on the edge of the huge sandstorm in Iraq. People here are wearing breathing masks still, although the greatest haze seems to have passed. It is still hot – temperatures in the triple digits – but not so hot as 117°F.
Today’s Peninsula says to “expect sultry weather from next week.” It says that “the strong Shamal (northwesterly) winds that have been lashing the country over the past four days” have kept the humidity away, but that from Sunday, “a change in the wind direction . . . could cause a rise in humidity.”
Which Ear Do you Use for the Phone?
This article is from BBC Health News, posted Wednesday, 24 June.
It was mildly interesting to me until I got to the part about phones. Yes, I think I hear and process better with my right ear, but I have always used my left ear for phones. I assumed most people do. So I asked AdventureMan, who is left handed, and he said he picks up his phone and listens with his right ear, but that is also because he needs his left hand for taking notes. Aha! And I use my right hand for taking notes.
So my question is – which ear do YOU use, and are you right handed or left-handed? I think it would make a difference.
Right ear is ‘better for hearing’
The left-side of the brain processes much of what is heard in the right ear
If you want to get someone to do something, ask them in their right ear, say scientists.
Italian researchers found people were better at processing information when requests were made on that side in three separate tests.
They believe this is because the left side of the brain, which is known to be better at processing requests, deals with information from the right ear.
The findings are reported online in the journal Naturwissenschaffen.
We can also see this tendency when people use the phone, most will naturally hold it to their right ear
Professor Sophie Scott, of University College London
In the first study, 286 clubbers were observed while they were talking with loud music in the background.
In total, 72% of interactions occurred on the right side of the listener.
In the second study, researchers approached 160 clubbers and mumbled an inaudible, meaningless utterance and waited for the subjects to turn their head and offer either their left or their right ear.
They then asked them for a cigarette.
Overall, 58% offered their right ear for listening and 42% their left.
In the third study, the researchers intentionally addressed 176 clubbers in either their right or their left ear when asking for a cigarette.
The researchers obtained significantly more cigarettes when they spoke to the clubbers’ right ear compared with their left.
Brain
In conclusion, the researchers said: “Talk into the right ear you send your words into a slightly more amenable part of the brain.
“These results seem to be consistent with the hypothesised specialisation of right and left hemispheres.”
Professor Sophie Scott, of the Institute of Cognitive Neuroscience at University College London, agreed.
“Most people process speech and language on the left-hand side of the brain and while it is not cut-and-dry a lot of what goes in our right ear will be dealt with by the left-side of the brain.
“The other side of the brain is more involved in things such as interpreting emotion and that is why we have these kind of findings.
“We can also see this tendency when people use the phone, most will naturally hold it to their right ear.”
Very Strange Weather in Qatar and Kuwait
As I was writing a post, I noticed – Holy Cow! It’s 113°F / 45°C in Doha. Checking Kuwait, Holy Moly, it’s 115°F / 46°C. That is Holy Smokes Hot, that is hot hot hot, right?
Thirty seconds later, I look – and my little weatherunderground sticker says it’s “only” 106.9 °F / 41°C in Doha, and “only” 106.9°F / 41°C in Kuwait.
How amazing is that – the temperatures dropping so fast, in BOTH Kuwait and Doha, within seconds?
Truly Humbling
Tonight, just for grins, I took a look at all the search terms that brought people to Here There and Everywhere.
These are the top twenty-five, in the almost three years this blog has been up and running:
Do you notice anything? Not a single reference to Kuwait? Not a single reference to expat living? LLOOLLLL, my whole point in doing the blog was to write about cross-cultural living, and my biggest hits are birthday cakes and funny cats and hummers? Yes, it is truly humbling. 😉
I’ve shown you mine – show us yours. What search terms bring people to your blog?
Traffic Pollution Linked to Low Birth Weight Babies
This is definitely NOT good news, not for Seattle, not for Kuwait:
Pollution link with birth weight
From BBC Health News
Traffic pollution was identified as a significant problem
Exposure to traffic pollution could affect the development of babies in the womb, US researchers have warned.
They found the higher a mother’s level of exposure in early and late pregnancy, the more likely it was that the baby would not grow properly.
The study, published in the Journal of Epidemiology and Community Health, looked at 336,000 babies born in New Jersey between 1999 and 2003
UK experts said much more detailed research into a link was needed.
The researchers, from the University of Medicine and Dentistry in New Jersey, used information from birth certificates and hospital discharge records.
They recorded details including each mother’s ethnicity, marital status, education, whether or not she was a smoker – as well as where she lived when her baby was born.
Daily readings of air pollution from monitoring points around the state of New Jersey were taken from the US Environmental Protection Agency.
The scientists then took data from the monitoring point which was within six miles (10 km) of the mothers’ homes to work out what their exposure to air pollution had been during each of the three trimesters of pregnancy.
It was found that mothers of small, and very small, birth weight babies were more likely to be younger, less well educated, of African-American ethnicity, smokers, poorer, and single parents than mothers with normal birth weight babies.
But, even after these factors had been taken into account, higher levels of air pollutants were linked to restricted foetal growth.
Two kinds of pollution produced by cars – tiny sooty particles and nitrogen dioxide – were found to have an impact.
Particulate matter is produced from vehicle exhausts and can lodge in the lungs. Fine particles, such as PM 2.5s, which penetrate deep into the lungs, have been linked to deaths from heart and respiratory diseases.
You can read the entire article Here, at BBC Health News.
The Next Five Years in American House Trends
Consumers stay at home more, and housewares industry takes note
By Amy Hoak, MarketWatch
CHICAGO (MarketWatch) — As the recession takes a toll on most businesses, the housewares industry is actually expecting to see some benefit as more consumers eat, entertain and generally spend more time at home in order to save money.
In a presentation earlier this week, Mirabile pointed out several home trends he’s expecting for 2010. Below are five trends he predicts for the kitchen and beyond:
The live-in kitchen. Consumers spend three to four hours in the kitchen every day, not only cooking there but using it as a place to entertain, work, craft and spend leisure time, Mirabile said. The kitchen is being reinvented as a second living room, he said, as appliances are camouflaged and functional objects are hidden or minimized, allowing people to create ambiance in the room.
Living within our means. The recession is changing long-held opinions on how we spend our money. Consumers are looking for quality and durability in products — a shift away from disposable consumption, he said. They’re canning food more and growing their own herbs, they’re brown bagging lunches and they’re shopping in bulk at warehouse clubs or stocking up during grocery store sales to save money.
The green kitchen. Americans continue to make their lives more environmentally friendly, but they’re increasingly confused and frustrated about what is really “green,” Mirabile said. While they want products to be eco-friendly, they’re not going to pay much of a premium for it either — they expect retailers and manufacturers to deliver green products at competitive prices.
The wellness kitchen. Buying local food and/or growing your own often means it will be fresher and free from pesticides and preservatives — in short, more nutritious, he said. Today’s consumers are also interested in purifying their water and air.
Cooking for fun. We’re a nation of foodies, Mirabile said, quoting a Nielsen survey that found one in every five households has a “budding gourmet chef.” It’s not just women spending more time in the kitchen, either; “gastrosexuals” are men who consider cooking more of a hobby than a household chore, and use kitchen skills to impress friends and prospective partners. The popularity of the Food Network has helped to inspire a new love with food and cooking, and he expects consumers to continue to search for new recipes, techniques and cooking tools.
Amy Hoak is a MarketWatch reporter based in Chicago.
Bad News: Brain Decline Begins at 27
Bad news today as BBC reports our brains begin their functional decline as early as age 27:
‘Brain decline’ begins at age 27
Professor Timothy Salthouse of the University of Virginia found reasoning, spatial visualisation and speed of thought all decline in our late 20s.
Therapies designed to stall or reverse the ageing process may need to start much earlier, he said.
His seven-year study of 2,000 healthy people aged 18-60 is published in the journal Neurobiology of Aging.
To test mental agility, the study participants had to solve puzzles, recall words and story details and spot patterns in letters and symbols.
The natural decline of some of our mental abilities as we age starts much earlier than some of us might expect
The same tests are already used by doctors to spot signs of dementia.
In nine out of 12 tests the average age at which the top performance was achieved was 22.
The first age at which there was any marked decline was at 27 in tests of brain speed, reasoning and visual puzzle-solving ability.
Things like memory stayed intact until the age of 37, on average, while abilities based on accumulated knowledge, such as performance on tests of vocabulary or general information, increased until the age of 60.
You can read the rest of the article at BBC Health News
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