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Thread: US Home Seizures Reach Record

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    Sage

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    US Home Seizures Reach Record

    US home seizures reach record - BloombergUTV.com

    SAN FRANCISCO: US home repossessions set a record in April while foreclosure filings dropped for the first time in four years, a sign lenders may be delaying new default actions as they seize properties, RealtyTrac Inc. said.

    “Right now it appears that the banks are focusing on processing the loans already in foreclosure, and slowing down the initiation of new foreclosure proceedings as a way of managing inventory levels,” Rick Sharga, RealtyTrac’s executive vice president, said in an e-mail. “We’ll probably see this trend continue for a while.”

  2. #2
    Sage

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    Re: US Home Seizures Reach Record

    Some comments:

    1. Tragic.

    2. So much PAIN, so many of our neighbors and friends, families and fellow workers...

    3. So rueful for our collective recovery, the ramifications so far reaching.

    4. Like Greece.

    5. Like United States bankruptcies.

    US bankruptcies resume upward path in 1st quarter | Reuters

    6. Patriots cry.

    7. FORECLOSURES actually fell (2%) for the first time in 4 years.

    8. But only, it appears, because "lenders may be delaying new default actions as they seize properties."

    9. It's just their way of "managing inventory levels."

    10. Because FORECLOSURES still topped 300,000 for the FOURTEENTH straight month.

    11. AP projects FOUR POINT FIVE MILLION more notices in terrible 2010.

    Housing market's recovery appears at risk - Boston.com

    12. That's UP a sore SIXTY percent over awful 09.

    13. In other words, NO BOTTOM IN SIGHT.

    14. More worrisome, MORE THAN HALF those who received mortgage modifications since obtuse Obama began his over reach have already REDEFAULTED.

    Half of U.S. Home Loan Modifications Default Again (Update1) - Bloomberg.com

    15. REPO's, meanwhile, soared FORTY FIVE percent compared to the previous twelvemonth.

    16. Underwater homeowners are now 23% among us, up from 21% the prior quarter.

    17. Nevada's #1 for the 40th straight month.

    18. Numbers 2 thru 10, in order, are: Arizona, Florida, California, Utah, Idaho, Michigan, Illinois, Georgia and Colorado.

    The Prof

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