Foreclosures: 'Worst three months of all time'

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Submitted by Arraya on October 15, 2009 - 9:11am

http://money.cnn.com/2009/10/15/real_est...

NEW YORK (CNNMoney.com) -- Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.

"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.

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Arraya: Perhaps I misread the
Submitted by Allan from Fallbrook on October 15, 2009 - 9:34am.

Arraya: Perhaps I misread the article, but it would appear to mention "shadow inventory"; at least in the sense that lenders are holding off on repossession for a variety of reasons.

While this certainly isn't proof of some malign intent to control supply and thus pricing, it would appear that banks are simply overwhelmed by the sheer numbers, as well as also holding back to see if the government programs might also take hold.

That was my read.

There was an article on Yahoo
Submitted by jameswenn on October 15, 2009 - 10:01am.

There was an article on Yahoo today. Sounds like the foreclosures up until now had to deal with rate resets, but the new ones are now due to unemployment.

Locally, i've run into a few people during the past month and they all mentioned moving to Texas, that the employment situation was better over there.

Allan-I agree, the supply
Submitted by Arraya on October 15, 2009 - 10:33am.

Allan-I agree, the supply constriction is a natural occurrence albeit a welcome effect by the people that are tying to instill confidence. Conversely, very destructive in the long run. If that makes any sense.

Hmmm Seems one way to get the
Submitted by Nor-LA-SD-guy on October 15, 2009 - 12:57pm.

Hmmm Seems one way to get the banks to process more foreclosures is to increase the selling price

Or maybe I am reading this wrong, see link below

http://www.housingwire.com/2009/10/15/ca...

But Illinois has issues.