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Us Home Foreclosures Double In Second Quarter

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http://business.timesonline.co.uk/tol/busi...icle4401141.ece

The American housing slump shows no signs of abating after the number of homeowners facing foreclosure more than doubled during the second quarter of the year.

Across the US as a whole, one household in every 171 received a foreclosure notice during the three-month period. A foreclosure-related notice covers a range of situations including those borrowers who have fallen more than a month behind on their mortgage repayments, repossessions, and forced auctions.

Nevada, California, Florida and Arizona continued to experience the highest foreclosure rates, with Stockton, a town in Southern California, seeing one household in every twenty-five either seriously at risk of losing their home or having been evicted.

In Nevada, one household in every 43 received a foreclosure filing during the period.

Generally, even if a borrower negotiates with a mortgage lender, a bank takes around six months to repossess a home and evict its owners once they have defaulted on their monthly repayments.

Only two states in the US did not see an increase in foreclosure rates - Alaska and North Dakota.

The housing slump is worsening because a number of homeowners took out adjustable-rate mortgages where the initial cost of borrowing was very low but escalated through the life of the loan. Many borrowers have been unable to keep pace with rising mortgage rates, already under pressure from increasing food and fuel costs and reduced credit facilities.

It seems to be picking up pace what's not stated is how many of these homes are in negative equity status losing the banks money.

The banks surely can't survive this rate of repossessions, can they?

Will Fannie and Freddie last till the end of the year?

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Across the US as a whole, one household in every 171 received a foreclosure notice during the three-month period. A foreclosure-related notice covers a range of situations including those borrowers who have fallen more than a month behind on their mortgage repayments, repossessions, and forced auctions.

Them damn yanks, they might get a better medal tally than us at the Olympics, but I'll bet in years time we can beat them at repo's.

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See MarketTicker ...

Washington Mutual (WAMU) about to go t*ts up after Wall Street closes tomorrow evening. Roubini also checking this one. Apparently WAMU refiused to honour IndyMac counter cheques a few weeks back during the run on that wretched bank, but then under (Fed?) pressure accepted them with an eight-week delay in honouring. Question is, will WAMU be there in eight weeks to cough up the cash. Apparently not, if the word on the street is hip.

Only according to rumours, mind you ...

Dominoes, baby! Coming to a town near you soon.

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  • 399 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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