Its very simple with 10% official unemployment and unofficially much higher unemployment, people can't afford to stay in their homes. This is coupled with deflation in home prices putting tons of homeowners underwater. These people often just pack it in and leave it all behind. We can understand this.
So we have a one two punch - high unemployment and the devaluation of home prices. Eventually the numbers will come down further because there is a finite number of people that can go into foreclosure. Once we are all out on the streets, the numbers will look great, no more foreclosures...
CS Monitor: Foreclosures aren't over, despite quarterly drop in mortgage delinquency
About 9.1 percent of all mortgage loans were "seriously delinquent" in the year's second quarter, the Mortgage Bankers Association reported Thursday. That includes a roughly equal number of loans in two categories: those already in the process of foreclosure, and other loans that are at least 90 days past due.
That high rate of re-default, coupled with still-high unemployment numbers, appears to be causing a high number of loans to enter the pipeline that may ultimately lead to foreclosure...
2 comments:
& Obama's pals the bankster/gangsters doesn't do a thing but prey on these people , figuring out ways to get their last cent before foreclosing them.
Unfortunately its true. I know someone who really needed a foreclosure Obama policy hand, and it was bizarre to say the least. One day one answer, then next day the completely opposite answer. Very very brutal program designed to work against people. Hideous mark on Obama for that one.
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