On the same day that CNN published a piece showing that U.S. banks are only pretending to help U.S. homeowners avoid foreclosure, it also published a story showing that U.S. apartment vacancies just hit a 20-year high, and are on pace to soon hit an all-time record.
Here's a rhetorical question for readers: what happens when apartment vacancy rates skyrocket? That's right, rental prices collapse. And when cash-strapped Americans can suddenly rent accommodations at very reasonable prices – and with a great selection – what happens to sales of homes? That's right, they go down.
With more than 20 million vacant homes in the U.S., with banks deliberately holding millions of foreclosed off the market (see “The Distressing news about Distressed U.S. properties”), with U.S. homes still significantly over-valued (in historical terms), and with U.S. home-builders building 50% more units than they are selling every month, this is just one more piece of evidence that the U.S. housing market has not even begun a bottoming process.
Combined with the vast inventory of empty homes, soaring apartment vacancies illustrate another vivid point about the housing market in the United States: there are millions more units on the market than could ever be occupied by Americans. As I have written in countless commentaries, no “bottom” in the U.S. housing market will ever be possible unless/until millions of units are bulldozed.
This process has already started. In a previous commentary, I pointed out that bankers have very quietly started leveling homes in the U.S. In Michigan, which has been devastated by this collapse perhaps worse than any other U.S. state, at least one local government is already contemplating demolishing entire districts in a deliberate attempt to shrink the town to a size which can be serviced through plunging tax revenues (see “Demolition of Abandoned U.S. Homes has already begun”).
Meanwhile, a very interesting piece on Seeking Alpha provided a compelling analysis that banks are economically better off to throw homeowners out of their homes, rather than engage in “mortgage modification”, where most of those “helped” simply end up defaulting again in less than a year. With the U.S. financial crime syndicate able to siphon as many trillions of dollars as is necessary from the U.S. Treasury to keep it (at least appearing to be) solvent, the banksters have absolutely zero incentive to help Americans.
Indeed, the CNN piece lists a litany of complaints against the banks:
This is just a tiny sample from the hundreds of complaints reported to CNN alone. Acorn Housing, an organization providing counseling to struggling U.S. homeowners reports that 5 months after the Obama housing “rescue” began, the banksters have refused to hire sufficient staff to handle requests for refinancing, or even fully updated their computer systems to process requests.
As I have also observed in a number of previous commentaries, there is a much more insidious reason why the U.S. financial crime syndicate wants to see as many Americans as possible thrown out of their homes. “The Bankers Manifesto of 1892” clearly shows that what is taking place today has been a bankers' dream for over a century.
“When through the process of the law, the common people have lost their homes, they will be more tractable and easily governed through the influence of the strong arm of the government...People without homes will not quarrel with their leaders.” [Who says that dreams don't come true?]
This also explains why the U.S.'s two-party dictatorship has been such an enthusiastic partner in the Eviction of America: it makes their grip on power much stronger than that of the English king they replaced.
However, for those Americans looking to escape the economic slavery which banksters and their political servants have imposed on this population, there is still a means to choose liberty: buying gold (and silver).
Antal Fekete, one of the world's foremost banking scholars, recently wrote a brilliant essay ("Fiat Money in Death Throes") on precisely how and why a “gold standard” protects people from exactly this sort of economic slavery. While re-establishing a gold standard is still several years away, converting soon-to-be-worthless U.S. dollars for gold and silver can at least ensure that the plight of individual Americans gets no worse [Note: for those unaware of this, the private bankers of the Federal Reserve have caused the U.S. dollar to lose 97% of its value, since these career-criminals were given the sole authority to protect the U.S. currency.]
For a people who have spent much of the last few decades “liberating” the populations of other nations (like Vietnam, Iraq, and Afghanistan) by destroying their countries, it is clearly time for Americans to focus on liberating themselves.