No News is Good News: "Foreclosure Filings Nearly Double"

AP
Foreclosure Filings Nearly Double
Thursday October 11, 8:07 am ET 
By Alex Veiga, AP Business Writer

  U.S. Foreclosure Filings Nearly Double in September Over Same Month a Year Ago LOS ANGELES (AP) -- Foreclosure filings across the U.S. nearly doubled last month compared with September 2006, as financially strapped homeowners already behind on mortgage payments defaulted on their loans or came closer to losing their homes to foreclosure, a real estate information company said Thursday.

A total of 223,538 foreclosure filings were reported in September, up from 112,210 in the same month a year ago, according to Irvine-based RealtyTrac Inc.

For the "full" story - http://biz.yahoo.com/ap/071011/foreclosure_rates.html?.v=5

So, I'm reading this story and I immediatly think, "There's a reason why some people are renters."

It all boils down personal responsibility. Think about it, if one can't afford a Porche, but, are told that they can with vouchers, incentives and handouts. What's the worst that could happen? 

Here's the short list: They won't be able to afford the upkeep (let alone the insurance) and resale values will plummet due to poor maintenance. Sound familiar?

For the savvy now is the time to buy forclosures, repair the damages and cash in. For the MSM now's the time to cash in on "hard times." For the "victims" - I guess they'll have to face facts - some folks were born to rent.

The musings of Crash