Foreclosures in July 2009

I think anyone reading this blog would not be surprised by the jump in foreclosures of 6.74% in one month. That's a whopping 32.32% increase in foreclosures nationwide since July 2008!

360,149 U.S. properties during the month, an increase of nearly 7 percent from the previous month and an increase of 32 percent from July 2008. The report also shows that one in every 355 U.S. housing units received a foreclosure filing in July

That is the 3rd time in the last 5 months for record increases.

We noted this projection of 3.2 million foreclosures by the end of this year.

realty track foreclosure map, July 2009
Src: RealtyTrac

Calculated Risk pointed to a more interesting article Foreclosures Don't Add Up. The article implies RealtyTrac is seriously low balling the foreclosure reports.

When the most frequently quoted source of foreclosure information released its April statistics, it estimated that 3,746 properties in metro Atlanta’s five core counties had been slapped with foreclosure sale notices.

But a review of local legal advertisements – the only official source of Georgia foreclosure information – suggested a decidedly different number for April, with 7,462 properties slated for auction on the courthouse steps.

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Another opportunity missed

Early on the best way to approach this problem was for TARP to buy these mortgages directly and truly modify these mortgages to make them affordable. They failed to do that. Now the problem has gotten a lot worse.

Obama's loan modification program has failed miserably because financial conglomerates were holding out for a sweeter deal. - Financial Information for the Rest of Us.

At what price?

That might have worked, except for Uncle Ben hypothesizing that most mortgages eventually get paid over their term. All the debate over mark-to-market created smokescreens that allowed the can to be kicked down the road, and now we are down the road a piece. Wonder if Mr. Paulson would be interested in buying that AIG paper from the Fed?

Frank T.

Frank T.