Increase in foreclosures should be a given...

Rise in foreclosures a shock

Considering the direction of the finances of this country and it's citizens for the last 4+ years, it is hard to see why anyone would be shocked at the current situation.

Housing valuations went through the roof in 2005 and 2006. People living in the "here and now" and using little common sense, refinanced every dime they could get from their homes - based on unrealistic values provided by the real estate industry and it's appraisers.

Mortgage lenders stepped in to build the calamity by providing easy loans and quick cash to those with minimal proof of ability to re-pay. Why?

Because they received fees from every single loan they placed.

Then the real estate market began to return to reality. However, the economy itself, stressed by the real estate, mortgage, banking and finance anomalies, went into a nosedive. People began losing jobs. All that "cash-out" money is now tied to high interest credit debt - not even tax deductible - as was the mortgage interest.

So now people have a $200,000 mortgage on a house worth $150,000. They have a new car payment and a bunch of new credit card debt for all the new toys they bought.

I'm sorry but I feel NO PAIN for these people. You were living in a dream world when you refinanced - while you were on that Bahamas vacation, I was not. Now you'll have to suffer your own consequences for poor decision-making and for letting yourselves be manipulated by the government, the banks, your realtors, and your mortgage brokers.