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September 18, 2007

2007 Foreclosures To Top 2 Million Economy

As the Fed frantically tries to reinflate the bubble, housing continues to tank. CNN:

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.

"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

October is expected to be a peak month for hybrid adjustable rate mortgages (ARMs) to reset, with the interest rates on some $50 billion worth of loans poised to go up dramatically. [Emphasis added]

October, eh? Brings to mind this and this.

Posted by Jonathan at September 18, 2007 05:46 PM  del.icio.us digg NewsVine Reddit YahooMyWeb