Housing Market Slips Into Depression Territory
Home values have fallen 26 percent since their peak in June 2006, worse than the 25.9-percent decline seen during the Depression years between 1928 and 1933, Zillow reported.
November marked the 53rd consecutive month (4 ½ years) that home values have fallen.
What’s worse, it’s not over yet: Home values are expected to continue to slide as inventories pile up, and likely won’t recover until the job market improves.
And while the president is physically protected in an emergency, whisked to a bunker at an undisclosed location, the actual White House is not: The value of 1600 Pennsylvania Avenue has dropped by $80 million, or nearly 25 percent since the peak of the housing boom. It’s current value is $251.6 million, according to Zillow, down from $331.5 million.
You can check out the rest here…
Guess that’s why a Delinquent Equity Loan Forced Foreclosure of White House…
Delinquent Equity Loan Forces Foreclosure of White House
A home equity loan taken out by Congress in 2008 for much-needed renovations to the White House has fallen seriously in default and rumors are swirling that the bank holding the loan is considering foreclosure on the structure.
While the first mortgage on the White House was paid in full decades ago, Congress decided to cash in on the equity of the historical building to make necessary repairs to the infrastructure, including electrical wiring and plumbing. Claw-foot bathtubs were replaced by modern tub enclosures, kitchen appliances in use since 1970 were upgraded to stainless steel to give the kitchen area a more modern look, and then there is that rug for the Oval Office recently purchased after Obama took office.
Now, word is out that the housing crisis has hit Pennsylvania Avenue as well. Reports have come out stating that the White House has lost $80 million dollars in value just in the past two years, which means that it now counts itself among the many American properties that are worth less than the loans taken out on them, i.e. underwater properties.
The government has been given thirty days to come up with around $400 million dollars to pay off the equity loan, but with the White House currently worth a mere $253.1 million dollars, even a short sale may not be in the cards for the stately mansion.
You can check out the rest of this report of the White House foreclosure from TheSpoof.com here…
(Yes, the second half of this post is a SPOOF. Unfortunately, the first part is not)
~
4closureFraud.org
It’s true, if the government had not listened to the banks, and bailed them all out with tax payers money only to watch the banks and big insurance corporations invest in themselves and not the tax payers they were supposed to help, we all would not be in this situation today. Instead if the government, who now ownes >90% of Freddie Mac & Fannie May, would have just lowered everyones mortgage loans to 4% across the board we all would be in our homes today, the government would be receiving all their property taxes and making money from the 4% they were charging all the homeowners. The economy would definately had righted itself by now as the homeowners would have more money to reinvest. The banks would have to figure out how to get rich on their own. It sickens me to see all the TARP money being paid back and we will see 2.5 millon homes forclosed on this year while Chase and the other big banks our forcasting record profits. Does anyone in government today even going to question how this can happen?
WOW talk about your DEADBEAT HOMEOWNERS.Maybe we should offer a bailout or better yet how about one of those cute little HAMP modifications.
Dear Mrs. Pamela Edwards,
I guess I am a DEADBEAT HOMEOWNER. I have been working for the same company for 30 years, unfortunately I lost my job of Vice President on January 31, 2010 from this economy. It took me 35 years to have the nice things in life, to loose everything within one year. Lets face the facts that the bank do not want to work with you if you have a jumbo loan. Their answer to my loan modification was denied, because i was unemployed. Again, they told me to do a short sale, so some investor can make money. on another note, my neighbor just bought his houses for half the price that i did. His property taxes is also half what i pay. The Problem here is the banks just do not want to help. They want your house. Why Should someone pay their mortgage when they owe more then the house is worth by over 50%. By the way, it is going to take from 15-20 years for the economy to get back to the way it was. I feel that the banks should help all the deadbeat homeowners, just the way the banks got help from our hard earned money.
Hi, Albert,
Just from reading her post on this article about the White House, I think maybe Pamela was making a sarcastic jab at the government for being deadbeat homeowners! I hope so anyway..
And I feel your pain. I lost my home to foreclosure in 2008 after being only three months late, and why was I late? Because they fraudulently increased the amount of my monthly payment from what I had signed for on my loan docs (and could afford) to a much higher amount. My case was fraught with fraud through and through. I keep waiting to read good news that something is finally being done to recompense those of us who have already been scarred permanently and had to rebuild our lives with sticks and shards of the pieces leftover from them falling apart. Sometimes I think I’ll be waiting forever….