According to a CNNMoney.com article written by Les Christie, RealtyTrac is reporting that 342,000 homes received a notice of default or auction notice in April, this is the highest number on record in the four plus years that they have been tracking the data.
Additionally, Rick Sharga, a spokesperson for RealtyTrac, said that their original projection of 3.4 million filings for the year will need to be re-evualted, "we'll blow those numbers out of the water."
Maybe I am missing something, but how can the housing market be at or near a bottom as many on Wall St. and the media, yes, you Jim Cramer, have been talking about when foreclosures numbers are only accelerating?
And for those who think this is still a "sub prime" problem, even FHA loanshave rising delinquency rates. In other words, the rise in foreclosure rates, which is a result of the expiration of foreclosure moratoriums, is a systemic problem that permeates the housing market and will only be compounded as the job market deteriorates.
The result is that as the new supply of real estate in the form of foreclosures continues to outpace the demand for real estate, we will continue to see precipitous home value declines.