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Post by jeffolie on Sept 18, 2007 10:11:21 GMT -6
Foreclosures more than double in past year By Rex Nutting, MarketWatch Last Update: 9:18 AM ET Sep 18, WASHINGTON (MarketWatch) -- The number of foreclosure filings has more than doubled in the past year, according to a monthly report released Tuesday by RealtyTrac, an online site that tracks foreclosure properties. Nearly a quarter of a million foreclosure filings were reported in August, up 115% from a year ago and up 36% from July. Each home in foreclosure can have multiple filings as it moves from default status to bank repossession. Listen to a full interview with a RealtyTrac executive. www.marketwatch.com/news/story/realtytrac-data-show-more-doubling/story.aspx?guid=%7B0181631D-A2E4-4EFD-9372-BAB7A60D1E37%7D
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Post by unlawflcombatnt on Sept 18, 2007 16:45:37 GMT -6
Also from the article:
"At the same time, repossessions are the rise. The RealtyTrac report showed 42,789 homes nationwide were repossessed in August...."
"Repossessed" is a key work, and has measurable significance. It adds directly to the number of homes for sale on the market.
August's 42,789 gives an annualized rate of 513,468 thousand additional homes on the market for sale. If this is a 115% increase since last year, it means the additional number of homes on the market for the year will be 270,693 homes. This adds to the number of new existing homes already on the market.
And this rate will undoubtedly rise, adding still more homes to the number of homes for sale.
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Post by jeffolie on Sept 19, 2007 11:45:54 GMT -6
Foreclosures are growing daily and will continue through the Crisis in the Summer of 2008.
This is a death spiral.
Lowering the fed funds rate and subsequently the prime rate will do no good.
Most ARMs are indexed to the LIBOR not the prime rate.
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