“Meanwhile, U.S. home foreclosures almost doubled in October from a year earlier as subprime borrowers struggled to make higher payments on their adjustable-rate mortgages, according to data compiled by RealtyTrac Inc.
RealtyTrac reported 224,451 foreclosure filings, including default notices, auction notices and bank repossessions, a 94% jump from October 2006 and a 2% gain from September.”
Sales tanked again, and government numbers were wrong again:
“…the sales rate was down 23.5% from the rate of 952,000 a year ago.
September new-home sales fell 0.1% to an annual rate to 716,000; originally, the government said September sales rose by 4.8% to 770,000.”
Eventually these bad numbers will stop doubling and ebb up from one month to month, or even year to year time frame the bottom will be called. Then things will go down again, and panic will reinstate itself.
I don’t need to repeat all the reasons why this will continue for probably 7-10 years, but I personally am holding out for 2000 prices.
