Tuesday, September 18, 2007

August Foreclosures Increase

From CNN:

Late summer brought no relief from soaring foreclosures. The number of homes in some stage of default jumped 36 percent month-over-month in August, according to a regular monthly survey.

Delinquencies and defaults more than doubled year over year to 243,947, according to August figures released Tuesday by RealtyTrac, a marketer of foreclosed properties. RealtyTrac's forecast is for total foreclosure filings to exceed 2 million this year.

"The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable rate loans are beginning to reset now," James Saccacio, chief executive of RealtyTrac, said in a statement.

None of these numbers are good developments. And they simply continue to increase on a regular basis.

Now we have an incredibly tight credit market and stricter lending standards. This is going to continue to be a downward trend for the foreseeable future.