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Dave Spart

Bbc : Us Foreclosure Crisis Becomes More Widespread

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US foreclosure crisis becomes more widespread

28 October 2010 Last updated at 16:18 GMT

US foreclosure crisis becomes more widespread

The foreclosure crisis in the US has spread across a wider area of the country, according to Realtytrac, which monitors repossession activity.

The organisation said foreclosure notices increased across a majority of large metropolitan areas, with Chicago and Seattle seeing a sharp rise in foreclosure warnings.

Previously, these cities had seen relatively low levels of activity.

California, Nevada, Florida and Arizona remain the worst affected areas.

They accounted for 19 of the top 20 metropolitan areas with the highest foreclosure rates between July and September, reported RealtyTrac.

The trend is the latest sign that the US foreclosure crisis is worsening as homeowners - facing high unemployment, slow job growth and uncertainty about house prices - continue to fall behind on their mortgage payments.

The controversy over whether banks mishandled eviction documents was not a factor over the July-to-September quarter monitored, said RealtyTrac.

Earlier in the week, data from rating agency Standard and Poor's showed that US house prices also began falling again in August, mainly in response to the expired tax credit.

Interesting to see this in view of the foreclosure fraud scandal that's unfolding.

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Three words

Credit Default Swap

The bankers can't lose.............apparently.

I've come over all Eric today :blink:

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This is purely anecdotal but, from what I am seeing in California at the moment, the problem is spreading from the lower end of the economic food chain to the higher end.

A lot of people who had sufficient assets to hold on to homes in a low interest rate, much lower income environment are starting to see their financial resources depleted to the point where a lot more "luxury" homes are coming onto the REO market.

As many have remarked, crashes happen in slow motion. In the US, the crash in the upper end is only just beginning.

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This is purely anecdotal but, from what I am seeing in California at the moment, the problem is spreading from the lower end of the economic food chain to the higher end.

A lot of people who had sufficient assets to hold on to homes in a low interest rate, much lower income environment are starting to see their financial resources depleted to the point where a lot more "luxury" homes are coming onto the REO market.

As many have remarked, crashes happen in slow motion. In the US, the crash in the upper end is only just beginning.

This was a mess 10 years in the making, the low rates hid the damage, action would have been taken years ago if not for that. 40,000 closed companies later, too late.

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This was a mess 10 years in the making, the low rates hid the damage, action would have been taken years ago if not for that. 40,000 closed companies later, too late.

make that 80, we couldnt have got here without the inflationary solution of the 70s

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  • 150 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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