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Post by jeffolie on Mar 12, 2009 8:37:47 GMT -6
A death spiral continues to dive into the heart of the American family. As the foreclosures rise so does the quantity of empty, vacant houses which blight neighborhoods and the lifestyle of the family. ======================================================== Foreclosures up 30 percent in February WASHINGTON – Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February from last year's levels, RealtyTrac reported Thursday. The rise in foreclosure filings came despite temporary halts to foreclosures by Fannie Mae and Freddie Mac, and major banks JPMorgan Chase, Morgan Stanley, Citigroup and Bank of America. news.yahoo.com/s/ap/20090312/ap_on_bi_ge/foreclosure_rates
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Post by unlawflcombatnt on Mar 12, 2009 13:24:14 GMT -6
More from the article:
"Nationwide, nearly 291,000 homes received at least 1 foreclosure-related notice last month, up 6% from January....While foreclosures are highly concentrated in the Western states and Florida, the problem is spreading to states like Idaho, Illinois and Oregon as the U.S. economy worsens.
"It doesn't bode well," for the embattled U.S. housing market, said Rick Sharga, vice president for marketing at RealtyTrac, a foreclosure listing firm. "At least for the foreseeable future, it's going to continue to be pretty ugly."
The rise in foreclosure filings came despite temporary halts to foreclosures by Fannie Mae and Freddie Mac, and major banks JPMorgan Chase, Morgan Stanley, Citigroup and Bank of America. Those companies pledged to do so in advance of President Barack Obama's plan to stem the foreclosure crisis, which was launched last week.
2 states that contributing to the increase were Florida and New York, where temporary bans on foreclosures ended...."
291,000 monthly foreclosures is an annualized 3.5 million/year.
Home prices still need to fall a lot before they reach any kind of historically stable level.
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Post by kramer on Mar 12, 2009 16:22:19 GMT -6
A death spiral continues to dive into the heart of the American family. As the foreclosures rise so does the quantity of empty, vacant houses which blight neighborhoods and the lifestyle of the family. ======================================================== Foreclosures up 30 percent in February WASHINGTON – Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February from last year's levels, RealtyTrac reported Thursday. The rise in foreclosure filings came despite temporary halts to foreclosures by Fannie Mae and Freddie Mac, and major banks JPMorgan Chase, Morgan Stanley, Citigroup and Bank of America. news.yahoo.com/s/ap/20090312/ap_on_bi_ge/foreclosure_ratesPerhaps this has to do with the "freeze" put on foreclosures during the holiday season: www.businessweek.com/bwdaily/dnflash/content/dec2008/db2008123_362200.htmNow that the holiday season is past, maybe the rise has to do with adding in the ones that were on hold?
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