Foreclosure Doom & GloomThursday, October 8, 2009
In scouring the foreclosure news this morning, I didn’t come up empty-handed. According to Reuters, “Every 13 seconds in America, there is another foreclosure filing.” It almost sounds like the intro to one of those public service announcements. A point from the article worth noting:
A recent pickup in sales and home prices in some regions has been heralded as a sign that the crisis in residential real estate may be close to bottoming out, after the steepest price decline since at least 1890.
But nearly half of recent sales have been attributed to foreclosures or “short sales” at bargain-basement prices.
Meanwhile, BofA (Bank of America) which is currently facing the wrath of government lawmakers and regulators for alleged misdeeds, is trying to placate government’s social justice bulldogs by modifying loans to keep people out of foreclosure. According to a CNBC report, in August 2009 “one in every 357 homes received a foreclosure filing.” The numbers in the states with the highest rates of foreclosure are amazing. In Nevada (#1), it’s 1 in 62, in Florida (#2) it’s 1 in 140, and in California (#3) it’s 1 in 144.