Foreclosures still rising and hit yet another record. Someone here said “that’s so ‘08″.
By Daniel at 13 August, 2009, 8:50 am
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It is the banks that got us into this mess. Derivatives…foreclosures…etc. etc. The only way they could give the appearance of solvency was to have the FASB change the counting rules…mark-to-MODEL…or as like like to say..mark-to-WETFIS (Mark-To-Waht Ever The Fu** I Say).
More foreclosures, a wave of commercial foreclosures coming.,,,
Foreclosures are so ‘08…and so ‘09 and so 2010..and so 2011. Question is….how bad does it have to get before mark-toWETFIS no longer covers up the insolvency?
Vics
“WASHINGTON (AP) — The number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government efforts to limit the damage.
Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said Thursday. More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice, such as a notice of default or trustee’s sale. That’s the highest monthly level since the foreclosure-listing firm began publishing the data more than four years ago.
Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier.
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The Treasury Department said last week that banks have extended only 400,000 offers to 2.7 million eligible borrowers who are more than two months behind on their payments. More than 235,000, or 9 percent, those borrowers have enrolled in three-month trials in which their monthly payments are reduced.
“The volume of loans that are in distress simply overwhelms” those efforts, said Rick Sharga, RealtyTrac’s senior vice president for marketing.”
I predicted back then to a friend that people would get tired of hearing the same old bad news and would ignore them more and more…and it’s exactly what’s happening…no one wants to hear or see bad news anymore, talk of the town is the recover…bad thing that reality is going to rear its ugly head again…
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