Facebook

Twitter

StumbleUpon

Email

vote downundo vote up flag

bloomberg.com - 1/6/2009

Metro-Area Foreclosure Sales Tripled in First 10 Months of 2008

—

Jan. 6 (Bloomberg) -- Foreclosure sales in the 25 largest U.S. metropolitan areas almost tripled in the first 10 months of last year as rising unemployment and falling home values made it tougher for homeowners to sell or refinance their mortgages. Motivated sales, which include foreclosure ...

Leave a Comment

Foreclosures
Across the Curve — Bloomberg reports that foreclosures tripled in the first 10 months of 2008.

Foreclosures Triple: Housing Recovery is Just Crazy
[ The Financial Ninja ] — The lag between failing to pay your mortgage and ultimate foreclosure is quite a number of months during the best of times. The sudden and complete implosion of the economy has made it all but impossible to process all these foreclosures in a timely manner. Therefore, even these horrific numbers are in actual fact much much worse. Everybody has heard of the people who stopped paying months ago but haven’t been evicted because the bank just can’t get around to them. So imagine how long it will take fore the massive job losses in October and November of 2008 to translate first into stopped mortgage payments and then second into actual ...

Foreclosures Triple: Housing Recovery is Just Crazy
[ The Financial Ninja ] — The lag between failing to pay your mortgage and ultimate foreclosure is quite a number of months during the best of times. The sudden and complete implosion of the economy has made it all but impossible to process all these foreclosures in a timely manner. Therefore, even these horrific numbers are in actual fact much much worse. Everybody has heard of the people who stopped paying months ago but haven’t been evicted because the bank just can’t get around to them. So imagine how long it will take fore the massive job losses in October and November of 2008 to translate first into stopped mortgage payments and then second into actual ...

Forget the Term Foreclosure, this is More Like Five-Closure
EconomPic — First, my apologies about that headline... not enough sleep. Bloomberg details: Almost half the homeowners who bought in 2006 now owe more on their mortgages than their houses are worth, making it difficult for them to refinance without bringing cash to the closing, according to Seattle-based real estate data company Zillow.com. Forty-one percent of October home sales in Los Angeles and Phoenix were foreclosure auctions or financial firms trying to recoup lost loan value, Radar Logic said. U.S. foreclosure filings increased 71 percent in the third quarter from a year earlier to the highest on ...