The Bush Economy

I don’t see how a $600 or $1200 tax rebate in July is going to helpthese people hold onto their homes.

The number of U.S. homes that slipped into some stage of foreclosure in 2007 was 79 percent higher than in the previous year, a real estate tracking company said Tuesday. Many homeowners started to fall behind on mortgage payments in the last three months, setting the stage for more foreclosures this year.

About 1.3 million homes received foreclosure-related warnings last year, up from 717,522 in 2006, Irvine-based RealtyTrac Inc. said. Foreclosure filings rose 75 percent from the previous year to 2.2 million.

More than 1 percent of all U.S. households were in some phase of the foreclosure process last year, up from about half a percent in 2006, RealtyTrac said.


In December alone, foreclosure filings soared 97 percent from the same month a year earlier to 215,749. It was the fifth consecutive month in which foreclosure filings topped more than 200,000, RealtyTrac said.

In the fourth quarter, filings rose 86 percent from the prior-year quarter but only 1 percent from the third quarter.

6 thoughts on “The Bush Economy

  1. $600.00 to $1,200.00 is more than enough to cover the cost of a refrigerator box with money left over.

  2. Sparrow, the beauty of that box deal is that it comes with a free refrigerator. All you then need is a licensed electrician to come buy and wire up the box with GFCI outlets. If you want to add a room you can get a box shaped a bit different, but with a free electric range. Then you contact that electrician again to come by and hook up 220 volts for you. I’m trying to remember a better deal.

  3. In a lot of ways, I think the rebate is being handled right, such as having a cap on the total income ($ 600 is a whole lot more to someone on minimum wage than it is to Warren Buffet).
    OTOH – how does the total cost of this rebate stack up against the total corporate welfare ShrubCo has bequeathed (even just to what the Oil companies got a couple of years ago as tax relief because they needed it so much )?

  4. It’s money, and it’s immediate, and it’s going to help a lot of people.
    The Katrina aid Pelosi drove through last April was more than what was coming.
    The rule of ‘take half a loaf and come back for more’ is basic. Without significant challenge from Boy Wonder or the R, this money went through. Doesn’t it make sense to push through what can go through without a veto, and then go after the rest as opportunity occurs?
    Or would it have been better to fight over a larger slice, rigidify the opposition, and get nothing? As with minimum wage increase, even this small amount of money is going to help a lot of people.

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