I had gotten asked a question the other day from some real estate investors about where I thought foreclosures where heading and oddly enough these articles came across my feed reader today echoing my thoughts.
As the tax credit hype comes to an end, it had a good solid month of promotion from the mainstreet media and every Realtor(r) in a stones throw distance, it appears the foreclosure juggernaut continues to move on.
From CNBC:
The percentage of loans on which foreclosure actions were started rose to 1.42 percent in the third quarter, an all-time high, up from 1.36 percent in the second quarter and 1.07 percent in the third quarter of 2008.Rising U.S. unemployment propelled more mortgage delinquencies and foreclosures, a trend that will continue into next year, the MBA said.
Calculated Risk has a good write-up and along with graphs on information from the Mortgage Brokers Association predicting mortgage foreclosures to peak in 2011. Yup, a whole year to of foreclosure to sludge through again.
Anyone that thinks next year will be better is lying to themselves and oblivious to the truth.
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