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Foreclosure and Defaults

Written by A Forex View From Afar on Wednesday, February 27, 2008

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House Foreclosures for January are up 90% then a year ago, while foreclosure filings increased 57%.

RealtyTrac, an online real estate service specialized in foreclosure home sales, said most of the defaults are coming from adjustable rate mortgages. About $460 billion ARM's will reset this year raising the monthly rates payments.
While in January, about 233.000 houses were in foreclosure, bank anticipate about 1 million houses will default in 2008, adding more pressure on inventories that are already way up and sending prices down even further.

Foreclosure and defaults affecting US's economy

With such a big number of defaults, plus more coming, most can't see the housing market turning around too quick. Maybe it will hit a bottom and stay there for a while.

Bloomberg: U.S. Home Foreclosures Jump 90% as Mortgages Reset

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There is a constant question from some traders as to why anybody would ever need to consider the ‘F’ word when trading. Fundamentals: what is so damaging at looking at both Technical charts and having a Fundamental filter to gauge how many Lots to put on? Why is it that accepting that Technicals give us price points to trade, but Fundamentals determine the direction that we travel is so difficult for some traders to accept? Without a Fundamental Filter very few pure Technical traders would have seen this Dollar move coming today.

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