Foreclosurers DOUBLE in September (Year over Year Figures)
According to several recent articles from well respected financial news organizations, such as bloomburg, Foreclosures DOUBLED in September. (Read the article here.)
As always, the devil is in the details and I want to point out one little quote: ``The truth of the matter is that borrowers are going into default as soon as they hit their adjustments,'' said Rick Sharga, executive vice president of marketing at Irvine, California-based RealtyTrac.
To understand why this is the real news in this story, you need to understand that we are only at the beginning of the Loan Reset cycle... which peaks in March of next year! (source here)
Adjustable Rate Loan Resets For 2007–2008
Month Millions
January-07 22
February-07 25
March-07 35
April-07 37
May-07 36
June-07 42
July-07 43
August-07 52
September-07 58
October-07 55
November-07 52
December-07 58
January-08 80
February-08 88
March-08 110
April-08 92
May-08 76
June-08 75
July-08 50
August-08 35
September-08 26
October-08 20
November-08 15
December-08 17
The current market is already being described as worse than the S&L disaster in the 1980's (see article here) and we aren't even at the peak yet.
Of course, this means we will also see sharp rise in personal bankruptcy along with a contraction in consumer spending.
Let's see how long it takes before we hear the "R" word.
Media Tidbit:
I'm currently digging UK phenom, Kate Nash. Here is her hit (in the UK): FOUNDATIONS
Of course, this means we will also see sharp rise in personal bankruptcy along with a contraction in consumer spending.
Let's see how long it takes before we hear the "R" word.
Media Tidbit:
I'm currently digging UK phenom, Kate Nash. Here is her hit (in the UK): FOUNDATIONS
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