How about that economic recovery, huh?
July 12 (Bloomberg) — Mortgage foreclosures in the U.S. climbed 87 percent last month as falling home prices and stricter loan standards made it harder for borrowers to make payments.
There were 164,644 loan default notices, scheduled auctions and bank repossessions in June, led by filings in California and Florida, where home prices have plummeted, and Ohio and Michigan, where automotive-related businesses have fired workers. Those four states accounted for half the national total, RealtyTrac, a seller of foreclosure data, said today in a statement.
Foreclosures are soaring amid a glut of properties and as interest rates close to an 11-month high make it more difficult for borrowers to refinance. Defaults may rise further as owners with adjustable rates see their payments soar. The share of people taking out all types of adjustable-rate home loans averaged 29 percent during the past three years, compared with the 17 percent average of the prior three years, according to Freddie Mac data.
Nothing a little duct tape and plastic wrap can’t patch, right?
I don’t understand –
Alan Greenspan said this was a great idea.
we were in Southern NJ last weekend, and everywhere we drove, property was for sale. I’m not talking about the beach houses in shore communities like Margate and Ocean City: I mean the residential communities like Hammonton, Egg Harbor, Mays Landing, Vineland. Small houses, big houses, McMansions, everything.
Everything must go!