Foreclosure Figures Up Again
An article at cnnmoney.com gives some disquieting figures for foreclosures around the country.
[Thanks to signcreations.com for the image.]
August figures are 115,292, the second highest after February's 117,151. Florida, California, Nevada and the Midwest are the hardest hit.
Statistically, the public must keep in mind that foreclosure numbers are still very low historically speaking. See my previous post for a more precise historical perspective.
But this definitely deserves watching very closely. (On the other hand, this could be good news for the public auction sign people under the old silver-lining principle.)
[Thanks to signcreations.com for the image.]
August figures are 115,292, the second highest after February's 117,151. Florida, California, Nevada and the Midwest are the hardest hit.
Statistically, the public must keep in mind that foreclosure numbers are still very low historically speaking. See my previous post for a more precise historical perspective.
But this definitely deserves watching very closely. (On the other hand, this could be good news for the public auction sign people under the old silver-lining principle.)
posted by Katy Delay at 12:34 PM
2 Comments:
Scary stuff. Especially since banks have horribly low reserves to deal with increasing foreclosure activity.
The banking regulators will be shocked, shocked to learn that defaults are on the rise, and - too late - insist on increased reserve requirements. I'm sure banks will get plenty of "jingle mail" before year's end.
I anticipate a congressionally approved (middle-class funded) taxpayer bailout package for banks similar to the S&L bailout by early-mid 2008.
To do otherwise would be to throw the currency into chaos and precipitate a nasty crisis.
Let me explain some of the techniques these investors or
foreclosure hunters use. It
depends on how much equity you have. If you have 20% or more equity in your home,
usually this is the technique they use. First, they say you can stay in the
house. This seems to be a real selling point for people trying to
stop foreclosure. Second, they
say they will pay your back payments and bring you current on your mortgage. All
you have to do is sign all these papers…..one of them being a Quit Claim Deed
giving ownership interest of your home to the investor. Another is a rental
agreement making you their tenant.
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