U.S. Housing Market Foreclosures Hit Record 1.5 Million

[Crewleader]

Housing-Market / US Housing Jul 16, 2009 - 02:46 AM

By: Mike_Shedlock

U.S. foreclosure filings hit a record in the first half, a sign that job losses and falling property prices deepened the housing recession, according to RealtyTrac Inc.

More than 1.5 million properties received a default or auction notice or were seized by banks in the six months through June, the Irvine, California-based seller of default data said today in a statement. That’s a 15 percent increase from the year earlier. One in 84 U.S. households received a filing.

The Mortgage Bankers Association said May 28 that prime fixed-rate home loans to the most creditworthy borrowers accounted for 29 percent of new foreclosures in the first quarter, the biggest share of any type of loan.

One in eight Americans is now late on a payment or already in foreclosure, the Washington-based mortgage group said.

Twenty of the 50 U.S. counties with the highest foreclosure rates were in California and 12 were in Florida, RealtyTrac said.


http://www.marketoracle.co.uk/Article12074.html

[xchrom]

1. what a fuckin nightmare. nt

[Crewleader]

2. It is my friend

and I'm about to post Dr. Housing Bubble on the topic and his future numbers.

[Liberal_in_LA]

3. What's happening to America's housing stock with all these empty homes?

[notesdev]

5. It's falling apart

Between squatters, scavengers, and the dirty little secret that much of the housing boom was built by illegal, non-union, unqualified laborers - unmaintained homes are effectively disintegrating.

Much of what was built has no relevance to the housing types/locations that were actually needed. For example, nobody in their right mind wants a McMansion in the exurbs.

[this_side_up]

6. In addition to the poor quality of work,

they also cheated on the wiring.

I know of houses where if you open an outlet and check the wiring, it looks ok. Pull 6 inches or so of the wiring out and bingo! it is the illegal aluminum wiring. Death traps.

How many home inspectors check the wiring to this extent?

[Canuckistanian]

4. "green shoots", my ass

This "recession" ain't over until people stop losing their homes, livelihoods and sanity.

But, hey, the stock market's up!

[defendandprotect]

7. kick