Foreclosures and Unempolyment

[terrydclark]

  While doing some work around the house, I was listening to the news yesterday, and they stated that the economy is getting better. Where are these news people getting their information from, and where is this place at that shows the economy is better, I want to move there!

In my neighborhood alone people are losing their homes, jobs etc, it looks like a ghost town in some communities  here in (Chicago). If this is what the news people mean about getting better, I don't want any more!

Banks and Mortgage Companies have ROBBED the people blind...how are we suppose to stimulate the economy if you don't have any money to spend such as (food, clothing, etc). Something for our elected official's to think about!

What are your thoughts on this?

Thank You,
terrydclark3000  

[mommysmoney]

I agree with you. They should be looking at specific areas and not just an over all picture. It doesn't help.

Just 6 months ago my husband and I bought our first house and almost 2 weeks to the day we closed, he was laid off.  Although he does work construction, it was unexpected as the company was saying they were getting a lot of work at the time.
Thankfully though, he has gone back to work today-his first in 6 months. Sorry tangent...lol

The banks don't help, they only make excuses.. and charge you for their mistakes! I hope someone sets em straight!

[samiole32]

you'r absolutely right if this is what they mean by getting better we need no more

[liljp617]

The people who signed the contract are as much to blame as any bank.  You don't sign something you simply can't afford and you don't sign something without having an experienced person look at the language of the contract and make sure you're not getting into something too deep.

[Oryon20]

I live in Michigan, so tell the people around here that the economy is getting better.  Unemployment hovering around 15% I believe, the auto companies continuing to downsize and make layoffs, and very few jobs in sight.  Go to downtown Detroit, and outside a very small area in the heart/center of the city, the place looks like a ghost town or war zone.  Cracked and broken sidewalks, empty lots filled with garbage, abandoned, empty and abused homes.  Went to a Tigers game a few months back, and the second we got off the highway, there were two people with work for food signs and jars.  Those sights only got worse as we went further into the city.

Outisde the city, at least 1 foreclosure sticker on a house when driving down each street, with businesses closing and empty store fronts everywhere.

Sure, maybe there are some areas which are improving in the country.  And sure, Detroit/Michigan isn't the only place where it is bad.  But from what I have at least seen around here, I don't see anything 'getting better'.

[Edit: My unemployment rate was a bit off.  For some reason I thought I remembered hearing 26%, but in reality it's about 15%]

[vlsm23]

What are you asking on the vote?  Unemployment is worse in my area - Louisville, KY.  I think the state average is close to 11% compared to the 9.5% of the nation.  But to prove the down of the economy, there were 90, $13/hr jobs posted for LG&E (Louisville gas and electricity) and 10,000 people applied for the jobs.  If the economy is improving, it is going to take a lot longer for the effects to show everywhere.  When Obama 1st got into office, the economists were saying the unemployment rate would probably return to normal (~4% fyi) by 2013, and the economy would take about 3-5 years to recover.

[Aughiskie]

I can't see the economy returning to a healthy state anytime soon.  Not only are there not enough jobs to go around for everyone, but the jobs that are available don't pay enough for the average person to support him/herself as the prices of everything increase.

I kind of lucked out recently, I was an outside contractor for a company who recently hired me on full time.  And when they did, my yearly pay increased a good bit... yet I still find myself struggling come the end of the month when the bills start piling up.  I work for an airline, so I don't really have job security, and If I were to lose this job, I would probably end up losing my home and / or car as the only other jobs near me wouldn't pay high enough to support me.

It is going to take a lot of work to get the US out of the red and back into the green. those that say we'll be there by 2013 are either very optimistic, or are simply lying.

[cah5525]

i still think it's going to get worse than what we are seeing right now. the real truth and statistics makes people nervous so, i believe the reports are staying on the conservative side.

[garys221]

The banks and mortgage companies didn't hold a gun to anyone's head and force them to take out liar loans or interest only loans with huge balloons.

Americans in general have spent too much and not saved enough always expecting that the economy will be strong.

Well folks like everything else the American economy has its ups and downs. We're on a downturn and it wont get better for a number of years. We haven't even seen the effects of the commercial real estate defaults yet.

On the positive side, a recession can be the best time to start a new home based business because its easier to get people to talk to you about a business opportunity when money is tight.

[cdanunzio]

by the economy, they mean the stock market, which jobs lag behind quite a bit. I've been unemployed for quite a while, but at least the news is going in the right direction. Job Creation is needed i.e. then the Gov would also get more tax money...

[arms1977]

I stopped listening to what the media had to report about the state of our economy several months ago. I got tired of them constantly spitting on me, while trying to convince me it was raining. This economy has not gotten any better for the common folk. Of course it has been great for scoundrels like John McCain,George Bush, etc. For those of us who work for a living at a real JOB, life is tough...and that is assuming that you still have a JOB.

I feel like some people that are in a bind really put themselves there by living way beyond their means and making poor choices when making large purchases. I would NEVER have agreed to an adjustable rate, things had been going too well for far too long! Others were meeting their bills every month and had a bit to spare, but that quickly ran out when unemployment skyrocketed. There is another group that was struggling long before the recession started taking affect. They were working several jobs, trying to provide for their families needs, while struggling to stay afloat. They were not overextended on credit, they did not have fancy cars or homes either. One by one they also began losing their jobs, they may have only paid around $7 an hour, but that was money they depended on for everyday necessities.

I found it difficult to answer the poll, since unemployment as well as foreclosures are terrible in my area. There is not one that is any better than the other. "Bank owned" signs are on every corner, once booming businesses are gone in the night, and once happy families are now living on the streets. There is no funding for the programs set up in the area to aid the homeless or less fortunate. The pantry shelves are bare.The ones who were able to help in the past, can no longer, due to budget cuts and job loss.

I too would love to know where the media gets their information regarding the economy. I don't care how the rich are doing in this country, I want to hear how the REAL people are doing, the backbone of this country. I certainly was never polled, and neither were my friends, family, or neighbors. I guess they feel with the rise in rape, murder, drug use, robbery, etc. they needed to report something positive, even if it is a fairy tale.

[MsMithra]

It's not doing good here, either. My father was laid off from his last job 1.5 years ago. He's been applying for jobs just about every day since. He knows what jobs just came out with a position and what jobs have had their ad up for a while. It's horrible.

My grandmother is selling her $400,000 home. It's listed at only $200,000 and still isn't getting any bites.

Although, I did take advantage of the economy. I bought a 1,500 square foot home that's worth $175,000 for $87,000 with a first time buyers loan and the $8,000 tax credit.