Dammit... I hate to say "I told you so". I really do.
MarketWatch announced today that the number of completed U.S. foreclosures in February was 121,756, the highest monthly total since the crisis began, according to data from Foreclosures.com. The figure was a 67% increase from the 72,694 reported in January and was also well above the previous monthly high of 104,243 set last September. The number of pre-foreclosure filings also set a new monthly record, rising 24% to 207,703 in February from 166,860 in January.
Now... WHY DID THIS HAPPEN? Why are we seeing a spike now?
One word, good people... moratoriums.
The spike occurred because the foreclosure moratoriums enacted in late 2008 ended, and we have a sudden rise in foreclosure numbers. Mind you, the Fannie/Freddie/Major Bank moratoriums on foreclosures have not ended yet - if they had, we would see a GREATER spike than what was reported.
Folks, we have GOT to get a handle on this! More shortly...
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1 comment:
Lets not wait for Obama to handle this crisis. Act up! as they say, future is in our hands..
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