Speaker of House Nancy Pelosi Says 1 in 20 California Homeowners Will Be in Foreclosure
Nancy Pelosi, Speaker of the House, must be the Queen of the FUD (fear, uncertainty, and doubt). Instead of talking about the positive things that have gone on in the country over the past 2 years of her speakership, she instead decides to be a fear monger to those in the fear mongering business.
Addressing a mixture of housing volunteers and families facing foreclosure at San Francisco City College, Madame Speaker decided to scare the bejesus out of them by stating that 5 percent of all California homes will enter foreclosure in the coming 2 years.
This is especially galling as the election is coming up in November. What makes me think that if the Democrats, Pelosi’s party, win both the Congress and the Presidency she will be speaking to these same people that the economy has turned around and all will be well now.
The problem is affecting not only individual families, but the country’s economy as well, she said, adding that in California, one in 20 homeowners are projected to be in foreclosure in the next two years.via SF Gate.
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Comment by reality on 28 April 2008:
Maybe you can not afford a 850,000 home if you make 40,000 a year… that is not the rest of our fault.
Comment by Ideal4Investors on 28 April 2008:
To reality’s comment– the fact that those making $40K were buying $850K homes (because that’s how much they cost in many parts of CA) drove people to subprime “stated” loans. Slate had an article on this on Friday calling stated “liars loans.”
Comment by Carrie on 28 April 2008:
I thought I saw Credit Suisse (probably spelled wrong) just came out with a prediction that 12>7% of all American homeowners with a mortgage will be in foreclosure by the time this is over. So is Ms. Pelosi out of line? I don’t think so! Let’s start talking about the problem in reality… maybe more people will adress their situation before they run out of options.
That being said, I do agree that MANY people bit off way more than they could chew… so their best option is not to just give it back to the bank or walk away.. sell the property, even short sale it… don’t just leave another house, driving down prices and driving up neighborhood crime.
Comment by Phyllis Harb on 30 April 2008:
Actually, a good majority of the foreclosures seem to be home owners that took all of the equity out of their home (refis and 2nds) – so they spent their house….