Capt Worley PE
Run silent, run deep
http://money.cnn.com/2009/10/15/real_estat...sion=2009101507
More at link...
More at link...
I don't see this trend reversing until all the ARMs are past their reset date, probably sometime next year. Many people were buying a lot more house than they could afford, hoping to unload it at a profit before the reset date on their motgage.NEW YORK (CNNMoney.com) -- Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.
"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.
During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008.