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Post by unlawflcombatnt on Oct 12, 2006 14:44:19 GMT -6
The housing industry is receiving a increasingly greater addition to its surplus inventory from foreclosures. According to the Central Valley Business Times, in September the number of homes entering foreclosure was 112,210 nationwide. This is a 63% increase in foreclosures over September 2005. September was the 2nd straight month that nationwide foreclosures increased over 110,000. Over the last 2 months the annualized foreclosure rate would be over 1.32 million per year. Thus, the annual supply of homes on the market would also increase by an additional 1.32 million homes through foreclosures alone. California leads the nation in total foreclosures, as well as in the most new foreclosures. California foreclosures have increased 39% over the last year, and 19% for the month of September. California state documents report 14,806 properties entering some stage of foreclosure in September. This is almost 3 times the number of foreclosures reported in September 2005 for California.
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Post by lc on Oct 12, 2006 20:10:31 GMT -6
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