Just as Washington was telling you the Great Recession is “over,” the crisis that originally caused it is rearing its ugly head again:
Just this morning, RealtyTrac has reported that, in January, the number of U.S. families facing foreclosure surged a shocking 15% higher compared to the same month last year!The detail in the report is even more shocking:
- In January, one in every 409 U.S. homes was sent a default notice, scheduled for a foreclosure auction or repossessed by a bank ...
- Banks repossessed more than 87,000 homes last month alone — that’s a whopping 31% increase over January 2009, and ...
- While an all-time record 2.8 million households were threatened with foreclosure last year, RealtyTrac expects that number to surge to 3.5 million this year — an appalling 40% increase!
Not to mention Fannie Mae’s January report that the delinquency rate among homeowners with conventional loans more than doubled in a single year — from 2.1% in November of 2008, to 5.3% in November of 2009.
Only one conclusion makes any sense at all: Despite all of Washington’s rosy claims, this highly touted “recovery” is little more than a trap.
And it means that, once again, anyone who trusts Washington or Wall Street’s economic analysis or investment advice is about to get his head handed to him!
More reports about the real estate market in the USA:
- An Insider’s View of the Real Estate Train Wreck (More...)
- "Real Estate and Interest Rates in 2010 — and Beyond" by Mike Larson / Friday, February 12, 2010
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