The nation's mortgage crisis worsened last month as thousands of homeowners across the country failed to keep up with their monthly payments and faced the possibility of losing their homes.

Foreclosures rose 9 percent in July compared with June and were up 93 percent from a year ago, according to the latest monthly figures released Tuesday by RealtyTrac, a Web site that tracks foreclosed properties.

 

"i'm sorry did that just say 93%?

 

 


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4 Comments on More Scary. (hopefully Warren B will buy some of counrtywide and save the world)

AUG
21
2007
 Marcus, like the Warren B reference!  How do you like Keller Williams?  Will Bateson
4:04pm • #1
Hit Router
I love Keller Williams.  i am at my new home.  I really think it is the best real estate model out there.
4:13pm • #2
That 93% figure tells the whole story.  It will only get worse because all the products that were keeping the foreclosure rates low are now disappearing.  It will take some time to work this through the market.
5:21pm • #3
AUG
22
2007
Hit Router
It will take time to work through this market.  i think one of the hardest issues that isn't talked about much is "skin in the deal"  one thought behind these neg am loans was that it would work out fine because a year from now the house would be worth 20k more then it was the prior year and now the owner had skin to fight to keep.  when that didn't happen you got a lot of people saying.  i want to keep my truck and plasma tv so i will just let the house go (something has to give) move into an apartment for a year and get back in the ownership deal a few years from now. 
9:49am • #4

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Marcus Valdez

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