276,000 new homes per week going into foreclosure

Mortgage and Lending with Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 NMLS ID# 158606

Pretty amazing stats if you ask me.  I was on a seminar with a well known speaker yesterday in the mortgage industry.  He was whipping out some facts.  We spoke a bit about how by 2010 less than 7% of the mortgage market should be refinances.  This means that there will be a huge shift in the way that we do business.  But what I found most interesting was the fact that foreclosures are still coming fast and furiously.  Just amazing.  Want to have your take on it and know your thoughts.

Not a lot to say...just looking for some feedback here!

Posted by

If you choose, you can find me here:

          Follow The Twittering Tweets on Twitter        Follow Bettag's Blabs on Facebook        Google Me If You'd Like        Follow Me On Linked In


Cherry Creek Mortgage Company       Path 2 Buy Certified Coach Follow me on Pinterest                 

                      NMLS ID#158606          Equal Housing Logo     An Illinois Residential Mortgage Licensee



This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
ActiveRain Community
True Mortgage Professionals
Almost Anything Goes
Mortgage Bankers
mortgage news
economic news
economic data

Spam prevention
Show All Comments
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

I must say I am not totally surpised in light of the high employment rates.  People are hestitant to buy because they are worried about their jobs... and others are losing their home due to layoffs and health care costs.

Jul 18, 2009 05:36 AM #1
Rick Watson
My Loan Nightmare - Columbus, OH

Its a great opportunity for short sales..You should lik up with us...

Send me an e-mail if you could.


Rick Watson



Jul 18, 2009 06:17 AM #2
Jason Crouch
Austin Texas Homes, LLC - Austin, TX
Broker - Austin Texas Real Estate (512-796-7653)

Larry - These numbers are amazing, although I will admit that I'm not surprised.  It seems like every time I turn around I hear about someone on the verge of losing their home.

Jul 18, 2009 06:22 AM #3
Stephen Kappre
KW Hometown - Mantua, NJ
Helping You Home

Very sobering. And by what you say, thank God I have a purchase business. Also, there is no limit these days to those in trouble. EVERY aspect of society, rich, middle class, blue/white collar.

Jul 18, 2009 06:34 AM #4
Richard T. Dolbeare, R(B)
eXp Realty - Wailuku, HI
R(B), ABR, CRS...Hawaii Multi-Island Specialist

I continue to see some really nasty foreclosure stats and unfortunately it's happening on our little Kauai as well.

Jul 18, 2009 06:34 AM #5
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

Guys and gals...thanks....it's really sad.  It makes me think that the bailout was more like a "bucket-out".  I pray that things turn, but just the same.....May God be With Each and Every One of us!

Jul 18, 2009 09:09 AM #6
Alexander- Slocum
Premiere Property Group, LLC - Vancouver Washington - Vancouver, WA
Realty Team- Vancouver WA Real Estate

Larry, it's been a big train-wreck still happening out there.  We are starting to see "daylight" with improved processes and approvals for short-sales.  However, I'd think those short-sales ought to be counted in as well -- as many of those sales are folks who have lost all the equity they may have had in their home, and willl take hits to their credit.  I'm hopeful we'll be able to pull together and help those folks heal financially and eventually get back into being solid homeowners.  John

Jul 18, 2009 11:57 AM #7
Bob Bloom
Keller Williams Realty - Vancouver, WA

With a predictable decrease in refinances, mortgage brokers are going to have to once again survive  because they have provided good service to the real estate agents. Should help shake out the industry a bit.

Jul 18, 2009 01:55 PM #8
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Larry Bettag

Vice-President of National Production
What to know how to buy if you're a bit credit challenged?
Spam prevention

Additional Information