Late summer brought no relief from soaring foreclosures. The number of homes in some stage of default jumped 36 percent month-over-month in August, according to a regular monthly survey.
Delinquencies and defaults more than doubled year over year to 243,947, according to August figures released Tuesday by RealtyTrac, a marketer of foreclosed properties. RealtyTrac's forecast is for total foreclosure filings to exceed 2 million this year.
Bankrate.com
"The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable rate loans are beginning to reset now," James Saccacio, chief executive of RealtyTrac, said in a statement.
None of these numbers are good developments. And they simply continue to increase on a regular basis.
Now we have an incredibly tight credit market and stricter lending standards. This is going to continue to be a downward trend for the foreseeable future.
1 comment:
I made my way here from your DailyKos blog, bonddad, to give you a link to this story in the hopes that you would blog it. (I didn't want to post it on DKos as it was too far off-topic of your (excellent) diary there today. (This is dconrad from DKos, BTW.)) And I scroll down and see that you have already blogged it, naturally.
Bad news, and it isn't going to get better soon. But one thing in the CNN story that really surprised me was the statement that $50 billion in ARMs were set to reset in October. I could have sworn I saw a list - from you, maybe? - on DKos that showed that ARM resets were going to go from about $5 - $6 billion per month up to about $20 billion per month, and stay there through next year before starting to come down again?
So $50 billion is a lot more than I had thought it was.
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