- Dear Karl,
- Just as Washington was telling you the Great Recession
is "over," the crisis that originally caused it is rearing its
ugly head again:
- Just this morning, RealtyTrac has reported that, in January,
the number of U.S. families facing foreclosure surged a shocking 15% higher
compared to the same month last year.
- The detail in the report is even more shocking:
- * In January, one in every 409 U.S. homes was sent a
default notice, scheduled for a foreclosure auction or repossessed by a
- * Banks repossessed more than 87,000 homes last month
alone - that's a whopping 31% increase over January 2009.
- * While an all-time record 2.8 million households were
threatened with foreclosure last year, RealtyTrac expects that number to
surge to 3.5 million this year - an appalling 40% increase.
- This is not exactly reassuring news - especially coming
on top of December's record 17% plunge in home values ...
- Not to mention Fannie Mae's January report that the delinquency
rate among homeowners with conventional loans more than doubled in a single
year - from 2.1% in November of 2008, to 5.3% in November of 2009.
- Only one conclusion makes any sense at all: Despite all
of Washington's rosy claims, this highly touted "recovery" is
little more than a trap.
- And it means that, once again, anyone who trusts Washington
or Wall Street's economic analysis or investment advice is about to get
his head handed to him!
- No wonder so many Americans are FED UP with Washington
and Wall Street, saying:
- "You tricked me once - into buying tech stocks with
no earnings - those stocks crashed and cost me a bundle.
- "You tricked me TWICE - into buying real estate
and banking stocks - that cost me even more.
- "Now, I'm madder than hell and I will NEVER trust
Washington or Wall Street ...ever again.
- Karl W. B. Schwarz Managing Director, CEO Rokkors Nanotechnologies
GmbH iGr Vienna Austria A-1010