Rush’s Morning Update: Relax
October 19, 2009
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Say, folks, lost amongst all the State-Controlled Media reports celebrating the economic “recovery”is news about the real estate market;apparently nobody told unemployed homeownersthat Obama’s recession is over.
There’s an ongoing flood of home foreclosures,up more than five percent from summer to fall. Homeowners who lost their jobs,and have no prospects of finding work in our “recovered” economy,are losing their shirts –and losing their homes in record numbers.
So far this year, foreclosure filings are on pace to hit the 3.5 million mark, up from last year’s 2.3 million –even with some mortgage companies willing to allow unemployed homeowners to defer three to six months of payments.
In other news, banking regulators are warning anyone who will listenthat we are approaching a crisis with commercial real estate loans. Nearly half a trillion dollars worth of those loans are expected to come due annually over the next several years. Many of the developers who took those loans are sitting on empty buildingsbecause, in Obama’s recovery and America,there aren’t anyjobs, and no jobs means nobody to put butts in office buildings.
Butbe of good cheer, folks,because Obama and the Democrats fixed the foreclosure problem months ago. Obama was on TV;he told everybody to go to one of his special websitesand get their home loans modified,remember that? So it’s not really aproblem. Same with commercial loans. We’re in a recovery! We saved 30,000 jobs!So gorelax! Go watch some football!
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