Daimler Chrysler is cutting 11,000 jobs, over 5,000 of which are in the U.S. The majority of U.S. jobs cut are in the Detroit area, an area already facing record foreclosures and welfare role additions. This will only add more pressure to a market that has been destroyed by government over-regulation, inflation and union-mongering.

The Nashua Telegraph has a great article on finding fortune from others’ foreclosures which is sure to become truth as the failing housing market spins off new jobs and industries to face the increasing foreclosures and bankruptcies. I’m already hearing about conferences that teach people to be foreclosure “therapists” to help people through the difficulty of losing their home.

More from Michigan, the town of Saginaw needs to raise money to raize abandoned properties. Michigan is well known for being an over-regulated over-mandated state, is there any wonder that their residents left?

PropertyShark shows that foreclosures are way up in the states of New York, Washington State, Florida and California. Surprise, surprise.

When government hasn’t done enough damage, pro-authoritarian groups ask fr more regulation to instill even more trouble in the future. In this case, 80 “diverse” groups are lobbying legislators to put more pressure and regulations on the mortgage industry. The problem with the housing market is a lack of responsibility on the part of would-be home-owners, not on a greedy industry. People need to learn not to make bad buying decisions, and foreclosure and bankruptcy is part of the problem. The other problem is the State-licensing of banks and the ability of the State to bail out the industry if it fails. In a free market, banks would be tighter with their loans, and borrowers wouldn’t get a second chance easily if they made irresponsible buying decisions.

Signs On San Diego has a very insightful article covering the huge increase in foreclosures, 25% year-on-year in some areas, and how it is affecting the industry that pushed for the bubble to grow. 130,511 nationwide foreclosure filings in January marked a 19 percent increase over December and a 25 percent jump over January 2006. He told lenders to brace themselves for an annual jump of 20 percent to 25 percent in 2007.

Rocky Mountain News has a short read that talks about how the City of Denver is in a hole over foreclosures and how they’re falling behind trying to keep up with the work. “I’m desperate!” starts off one e-mail to the clerk and recorder. “I have a (Department of Housing and Urban Development) title package that has to be sent out tomorrow.” Even while homeowners lose their jobs and their homes, don’t bet that we’ll see any major decrease in the size of the State in dealing with this new problem.

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