US foreclosure filings up 71 percent in 3Q

[inanna]

Source: AP

WASHINGTON (AP) -- The number of homeowners ensnared in the foreclosure crisis grew by more than 70 percent in the third quarter of this year compared with the same period in 2007, according to data released Thursday.

Nationwide, nearly 766,000 homes received at least one foreclosure-related notice from July through September, up 71 percent from a year earlier, said foreclosure listing service RealtyTrac Inc.

By the end of the year, RealtyTrac expects more than a million bank-owned properties to have piled up on the market, representing around a third of all properties for sale in the U.S.

That's bad news for anyone who lives nearby and wants to sell their home. While foreclosure sales are booming in many areas, those properties are commanding deep discounts and pulling down neighboring property values. "It has a pretty significant impact in terms of pricing," said Rick Sharga, RealtyTrac's vice president for marketing.


Read more: http://hosted.ap.org/dynamic/stories/F/FORECLOSURE_RATES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2008-10-23-05-45-05

[snappyturtle]

1. With this news I'm sure we'll see another stellar day on Wall Street. nt

[SpiralHawk]

2. The republicon SURGE

As their greed-driven republiconomics surges the American economy into the crapper...

[boomerbust]

3. Not to worry

Most Wall St. ceos are still filthy rich.

[pattmarty]

4. Hey all you rich wall st fucks, now is the time to invest your.......

......bonus' and salary in real estate. And fuck all the peons, let them live on the street and eat cake.

[customerserviceguy]

5. In most places

it takes many months between the first foreclosure notices, and actually having the properties back on the realty markets. Because most all lenders have already taken the hit on their balance sheets, they'll be trying to unload them for whatever they can get, just to get a nonperforming asset (which is actually draining money for insurance, taxes, and maintenance) off of the books. Those cheapo sales will lower property values even further, and make it harder for surrounding properties to either sell for enough to pay off the existing mortgage, or refinance at a fixed rate, and the cycle begins again.

It's going to get a lot worse before it gets better. We have to hope that the public will not hold President Obama responsible for damage done during the Bushco years, but realized during the first couple of years of his Administration.

[yardwork]

6. Think of what $150,000 would mean to most of these people.