Can anyone say 'Resolution Trust Corporation'?
Can anyone say "Government Bailout of Fannie Mae"?
Can anyone say "We're Just Getting Started"?
Can anyone say "Massive Supply of Homes to Get Worse"?
Casey, at least you're not alone...
More homes went into foreclosure last month than in any month yet this year, according to figures compiled by RealtyTrac of Irvine, a foreclosure information company.
It says 115,568 properties nationwide entered some stage of foreclosure during October, the most reported in any month so far this year and an increase of 42 percent from October 2005.
The national foreclosure rate is now one new foreclosure filing for every 1,001 U.S. households, the highest monthly foreclosure rate reported so far this year.
"So far this year more than 1 million properties have entered some stage of foreclosure nationwide, up 27 percent from the same time last year," says James Saccacio, chief executive officer of RealtyTrac.
For the eighth consecutive month Colorado had the nation's highest state foreclosure rate
With one new foreclosure filing for every 389 households, Nevada documented the nation's second highest state foreclosure rate for the fifth straight month as foreclosures continued to climb.
November 24, 2006
Over 1,000,000 homes in US entered foreclosure stage in 2006 (so far). Up 42% last month.
Subscribe to:
Post Comments (Atom)
8 comments:
I recently saw a foreclosure in the local newspaper that belongs to one of my wife's co-workers. My wife was shocked, because the lady kept it all hush, hush.
I researched it in the public records, and It was the classic bubble scenario; they bought the house in 2002 for $196k. In 2004, they refi'd for 208k with an ARM that replaced the fixed mortgage they had. In 2005, they took out $50k with a second. In early 2006, they took out another $17k with a third mortgage.
It just sold on the courthouse steps for $228k...
"Patch Tuesday said...
It just sold on the courthouse steps for $228k..."
Talk about totally screwed. They can't go bankrupt, will have to pay off loans on a home they don't have, or if the creditors approved a short sale, will still owe the I.R.S. big time for tax on the difference. No win for this FB, as long as they live.
WTF - the new Owners are so frocked ... Just because it sold on the courthouse steps dont make it a deal.
Watch as they drop into forecloseure ... and it will sell on the "courthouse steps" for 175K.
People are so stupid.
OK unless that house had some serious additions with the Re fi money ???
Cool.
Cow_tipping.
"It's going to be a fairly tough correction," said Dick Syron, chairman and CEO of Freddie Mac in Virginia, the nation's second-largest mortgage financier. "There's going to be a lot of heat about this, a lot of noise."
A lot of noise?
"That's because the damages could be enormous..." said Daniel H. Mudd, president and CEO of Fannie Mae in Washington, the nation's largest mortgage financier.
Enormous? Full article [here].
Bank "short sales" are all over the place in SD, but they are still selling. . .the problem, as another person mentioned, is that buying a short sale for 300K is not bargain if it will sell for 250K next year!! . .banks are bailing fast.
Banks aren't bailing, they are simply loaning another idiot the lower amount ... If they start asking for 20% down, somehting like that then they are actually bailing. Absent that, they are losing 50K now, in the hope of not losing 50 more later, and so on.
Of course some where the cascade stops and a real person will buy it and live in it. Till then, they are out of luck. Increasing lending standards will only increase the loss at the first sale and reduce the next sales. If they insist that you walk in with 50K to make that 250K offer, guess what, I only have 25K, I'd not offer more than 125K, hey 20% is 20%, rules is rules. Banks are gambling that when the music stops, they aren't the ones holding the biggest red notes. That some other bank is.
I swear the 500,000 houses will sell for 100K cash in 2010 if real lending standards are to be implemented. Till then, robbing peter to pay paul will continue.
Cool.
Cow_tipping.
The stats are wrong somewhere. There are only 100M households in the U.S.
If the foreclosure rate is 1 in 1000, that implies ~0.1M foreclosures/year, not 1M
Read hundreds of Home Loan Reviews!
Mortgage-Lender-Reviews.com
Post a Comment