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U S Starting To See Big Rise In Foreclosures/repos

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CHARLOTTE, N.C., Jan. 3 /PRNewswire/ -- Foreclosure rates in both Carolinas continued to climb in 2005
despite solid economic conditions and historically low interest rates,
which also have begun to move higher. Christian Werner, CEO of New World Mortgage, says there is a lack of restraint among lenders and lack of discipline among mortgagees that is causing the problem.
"We've been seeing double digit month-to-month increases in foreclosure in North and South Carolina virtually all year. In November, homes in some stage of foreclosure increased in NC by 23 percent and in SC by 75 percent from the previous month," says Werner.
"I think there is some greed on the part of lenders and some recklessness on the part of homebuyers affecting the foreclosure rate. And it is not just at the low end of the market that we are seeing foreclosures."

IMHO this will be the undoing of the bubble markets in the US and the UK. Note that foreclosures are rising DESPITE low interest rates.

We have the highest interest rates in history--not the lowest. You must factor in the amount borrowed to determine what is high. Its the amount repaid relative to earnings that determines what is high or low. The constant bleating of VIs and EAs that we have historic low interest rates is incorrect.

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  • 302 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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