Foreclosure and Defaults
Written by A Forex View From Afar on Wednesday, February 27, 2008Back to www.thelfb.com
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.
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.
Source:
Bloomberg: U.S. Home Foreclosures Jump 90% as Mortgages Reset
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