Also see:
Mortgage Delinquencies Surge to Nine Year High:
“The worst is yet to come for the real estate market as home-mortgage delinquencies surged to their highest level in nine years as the virus-induced economic downturn continues to crush household finances.
Property research firm Black Knight Inc. reports total borrowers more than 30 days late surged to 4.3 million in May, up 723,000 from the previous month. This means at least 8% of all US mortgages were either past due or in foreclosure.
The report said those who qualified for forbearance made payments early in the pandemic. However, now, the percentage is much lower; some 15% of homeowners in forbearance agreements made payments as of June 15, down from 28% in May and 46% in April. A forbearance agreement allows homeowners to defer mortgage payments for up to six months, but afterward, borrowers must repay…”
Nearly Half of Americans Consider Selling Home as COVID Crushes Finances:
“As the virus pandemic has metastasized into an economic downturn, tens of millions of Americans have lost their jobs and are struggling to service mortgage payments.
New research offers a glimpse into struggling households, discovers out of the 2,000 American homeowners polled, over half (52%) of respondents say they’re routinely worried about making future mortgage payments and nearly half (47%) considered selling their home because of the inability to service mortgage payments.
The study, conducted by OnePoll and the National Association of Realtors, determined 81% of respondents had experienced unexpected financial stress due to the virus-induced recession. Over half (56%) reduced spending so they could service mortgage payments…”
And on a side note:
As Cops in Atlanta Refuse to Do Their Jobs, Crime Plummets Anyway, Chaos Does Not Ensue:
“Atlanta, GA — The arrest and murder of George Floyd last month set off one of the largest protests in American history. Unfortunately, they were not all peaceful and many places saw rioting and destruction as many communities found themselves unable to contain their rage. Atlanta, Georgia was one of these places. After the protests began to subside, however, something quite telling began to happen in the city. Crime dropped dramatically.
Prior to Atlanta officers killing Rayshard Brooks in a botched DUI stop, crime began plummeting. Even after the brief unrest from protests due to Brooks, crime was still on the decline.
Though many officers from the APD called in sick after the cop who killed Brooks was charged, records show they were refusing to do their jobs well before this…”
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“The men the American people admire most extravagantly are the most daring liars; the men they detest most violently are those who try to tell them the truth.”
―
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Here, Mr and Ms America, is your bullshit ‘American Dream’, in all of its nightmarish glory!
What’s that I hear? Oh, it’s the vast, mindless herd, and they’re chanting:
“Thank you, sirs, may we have another?! You are wealthy and treacherous, you are our capitalist heroes! Give it to us in the arse dry, whenever you feel like it!!”
Yes sir, “Let them eat cake” is back and stronger than ever, as the above links and the article below reveal:
‘Orgy of Wealth’ Continues as US Billionaires Grew $584 Billion Richer Over the Last 3 Months While 45 Million Lost Their Jobs
“If this pandemic reveals anything, it’s how unequal our society has become and how drastically it must change.”
A devastating trend of soaring inequality in the U.S. continues.
In their weekly analysis of wealth data Thursday, the Institute for Policy Studies (IPS) and Americans for Tax Fairness (ATF) found that billionaires have seen their combined net worth grow by $584 billion in the three months since the Covid-19 pandemic shuttered much of the U.S. economy and threw more than 45 million people out of work.
“This orgy of wealth shows how fundamentally flawed our economic system is.”
—Frank Clemente, Americans for Tax Fairness
Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett, and Larry Ellison—the five wealthiest billionaires in the U.S.—saw their collective riches grow by $101.7 billion between March 18 and June 17, according to the new report. A dozen other American billionaires saw their wealth more than double during that same period.
Frank Clemente, ATF executive director, said in a statement that over the past three months, “about 600 billionaires increased their wealth by far more than the nation’s governors say their states need in fiscal assistance to keep delivering services to 330 million residents.”
“Their wealth increased twice as much as the federal government paid out in one-time checks to more than 150 million Americans,” said Clemente. “This orgy of wealth shows how fundamentally flawed our economic system is.”
“If this pandemic reveals anything,” Clemente added, “it’s how unequal our society has become and how drastically it must change.”
[…]
IPS, a progressive think-tank, has been publishing annual analyses of billionaire wealth increases since 2015. But in May, IPS began releasing weekly reports documenting the steady surge in billionaire wealth amid the Covid-19 pandemic and resulting economic collapse—a phenomenon the group dubbed “pandemic profiteering.”
“The surge in billionaire wealth and pandemic profiteering undermines the unity and solidarity that the American people will require to recover and grow together, not pull further apart.”
—Chuck Collins, Institute for Police Studies
Since March 18, when social distancing measures and economic shutdowns were in place across the U.S., the combined wealth of America’s billionaires has grown from $2.948 trillion to $3.531 trillion, the latest report by IPS and ATF found.
“During the same approximate three-month period, nearly 2.1 million Americans fell ill with the virus and about 118,000 died from it,” the report notes. “Among other pandemic victims are 27 million Americans who may lose their employer-provided healthcare coverage. Low-wage workers, people of color, and women have suffered disproportionately in the combined medical and economic crises.”
Chuck Collins, executive director of the IPS Program on Inequality, said in a statement that “the last thing U.S. society needs is more economic and racial polarization.”
“The surge in billionaire wealth and pandemic profiteering undermines the unity and solidarity that the American people will require to recover and grow together, not pull further apart,” said Collins.
The entire article can be found here:
The New Abnormal 