Boom In Foreclosures Bigger Than Boom In Refinancing

It is all bad news for the re-election chances of Barack Obama.

So his advisers are pondering a plan to subsidize and guarantee millions of mortgage refinances that the private market won’t underwrite.

This would be typical for the Democrats, subsidizing bad investment decisions (buying more home than one can afford) by taking money from people who did not make such decisions.

The states with the highest rates of foreclosures are must-wing states for the president if he wants to get reelected.

The AP reports:

Swing states Florida, Arizona, Nevada, Ohio, and Michigan all pulse red-hot on a foreclosure rate “heat map.” Those five alone account for 80 of the 270 electoral votes needed to win the presidency.

Mortgage-default notices surged nationally last month. One in every 118 homes in Nevada received a foreclosure filing in August, according to the foreclosure listing firm RealtyTrac. The figures were one in 248 in Arizona, one in 349 in Michigan, and one in 376 in Florida. And so on.

The impact of foreclosures is visceral and outsized, rippling far beyond one household.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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