A month ago I pointed out the wave of foreclosures approaching. Well, that wave is beginning to come ashore.
According to RealtyTrac, one in every 136 homes in the US received a foreclosure filing during Q309, the highest reported quarterly foreclosure rate since RealtyTrac began issuing its report in the first quarter of 2005.
Foreclosure filings increased 5% from the previous quarter and climbed 23% from Q308, according to the report. Nearly 938,000 homeowners received a foreclosure filing in Q309.
Remember how we were having a housing crisis during the summer/fall of 2008? Well things are 23% worse now than they were then.
Home prices have dropped the last two months in a row.
Nevada continues to be the worst hit state, but the cancer is spreading everywhere.
"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.
That deluge contributed significantly to the quarter's record 237,052 repossessions, a 21% jump from the previous three months. So far this year lenders have taken back 623,852 homes.
"REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan-modification efforts and high volumes of distressed properties," James Saccacio, RealtyTrac's CEO, said in a statement.
Over on CR is this "buying frenzy" in Las Vegas
Las Vegas Insanity, so while foreclosures are hitting an all time record (and there sure seems to be a lot of huff and puff claiming on helping homeowners and stemming foreclosures these real stats do not lie!) there also seems to be something funky going on in grabbing these properties.
I don't have any real insight on the CR Las Vegas insanity post.
Foreclosure wave
The cancer is rotting Florida too. This is going cause all kinds of problems to the markets in the coming months. It's one of the reason my plan has been to get out of debt asap and into things that retain some wealth.
And I'm thinking that right now is going to be the precious metals for then next several years. Checking out the widget http://www.learcapital.com/exactprice gold looks to me to have set a new four digit bottom.
Agree....while the mainstream media (CNBC, etc.,...).....
...tout that gold is at an all-time high, they ignore the 'Paul Harvey Rest of the Story':
The msm states that gold is at an all-time high. In real, inflation adjusted terms, it is no where near it.
Gold in 1979, ignoring the panic spike up to $900 in the beginning of 1980 due to the surprise Soviet invasion of Afghanistan, was at it's high around $530.
Adjust that for 3.5% inflation, and the 'real' price is $2340 in 2009 dollars. Just think if we use the $900 price.
A few months ago, my brother and I were driving through our nation's capital, admiring the architecture and the monuments, when we stopped at a stop light outside/in front of the the Treasury Department. He quickly shut the radio and air conditioner fan off, rolled down the windows and said 'Shhhhhhh....do you hear it?' I asked 'what'?
His response? "Can't you hear that noise?"
Me: What? (listening to the engine for some mechanic's blood curdling noise)
Him: The sound of the printing presses printing all the money! Look! There's smoke coming from all the windows of the Treasury Department!
With the money being printed faster than a computer can count, we are headed for serious inflation, even if the dollar gets strong.
... If only we got mortgage
... If only we got mortgage crackdowns (is that what they were called) or if only we had an administration who thought it'd be a good idea to ban banks from forclosing given that homes going idle hurts people, hurts home prices, that be to simple though..