U.S. home foreclosures soared in August
Is the end or will this number keep growing?
MSN-New data suggest homeowners can’t make mortgage payments
The number of foreclosure filings reported in the U.S. last month more than doubled versus August 2006 and jumped 36 percent from July, a trend that signals many homeowners are increasingly unable to make timely payments on their mortgages or sell their homes amid a national housing slump.
A total of 243,947 foreclosure filings were reported in August, up 115 percent from 113,300 in the same month a year ago, Irvine, Calif.-based RealtyTrac Inc. said Tuesday.
If we continue at this pace, about 3 million ‘foreclosues’ would happen in a year.
With roughly 67 million private homes, that will be one in 22 homes.
But, ‘experts’ will say 1 in 200 or 1 in 300.
I suspect the 1 in hundreds number is the monthly figure with some adjustments being made for the over-reporting of foreclosures.
Foreclosures ARE over reported as some homeowners may have more than one mortgage.
If the monthly rate is divided by 12 to give an annual rate, we still get a rate around one home in 42.
So, again, making the point that experts and expert sources should be taken with a huge grain of salt.
I think many people on this blog are very aware of the ongoing disputes between sources. I’m no fan of information overload as an excuse for not paying attention.
I think good people, even the ones I violently disagree with on this blog, can see past singular reports and look at a wide variety of information.
MD
Again it is amazing how you always post bad news while glossing over positive reports:
Interest rate dropped .5 point
Stock market has biggest rise in years
Mets lose
Falcons sign Leftwich
Come on John, where’s the multipartisan balance?
What was the good news again?
Interbank interest rates were lowered, not my credit card, fixed rate mortgage, car note …
The stock market is back to about where it was eight years ago when adjusted for inflation but lags behind metals and housing for growth over the last eight years.
The Mets have lost more than one game this year.
Leftwich hasn’t played a whole season since the invasion of Iraq, if ever.
Good news …
My granddaughters first words were, “Impeach Bush Cheney!”
Just nine months old and smarter by far than Saxby Shameless.
Just like a good dem, always wanting more…GIMME, GIMME, GIMME, — your party’s new theme song is sung by Britney Spears — http://www.youtube.com/watch?v=ZlrJ02yNxNo
Trust bb to spin the Fed’s panic reaction into “good” news.
On Monday, the official Fed position was that inflation remains a great concern than the prospect of slower growth.
On Tuesday, panic sets in.
Flip.
Flop.
Then on Wednesday and every other day, doom and gloomers seek out the bad in a demented schadenfreudian attempt to always disregard the good in favor of the absolute worst.
What a miserable existence you all must endure…sad.
John CNBC reported that fully a third of these foreclosures are being made by investors who speculated in the housing market.The problem is they didnt have the actual figures as to how many homes these investors had mortgages too. If these investors held 2 or 3 mortgages and they are in foreclosure then what are the real figures as to investors vs first time home owners? If our government bails out these investors then I am going to the casinos and invest my money on slots and if I lose I want my money back just like these housing investors.