Thursday, October 11, 2007

Kerplunk! – more big numbers from the US…

Home Foreclosures Doubled in September on Loan Rates

U.S. home foreclosures doubled in September from a year earlier as subprime borrowers struggled to make payments on their adjustable-rate mortgages, RealtyTrac Inc. said. There were 223,538 foreclosure filings last month, including default and auction notices and bank repossessions, the research company said today. California had the most with 51,259 and Florida was second with 33,354. The national foreclosure rate was one for every 557 households, according to RealtyTrac.

Posted by tyrellcorporation @ 12:55 PM (1051 views)
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6 thoughts on “Kerplunk! – more big numbers from the US…

  • tyrellcorporation says:

    “The truth of the matter is that borrowers are going into default as soon as they hit their adjustments,” said Rick Sharga, executive vice president of marketing at Irvine, California-based RealtyTrac.

    … Coming to a street near you v. soon!

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  • No doubt we’ll be told that it couldn’t happen here..

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  • “No doubt we’ll be told that it couldn’t happen here..” – yes or if it did we’d probably hear that it’s all down to these exuberant U.S. consumers

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  • David Smith's Sub Prime. . . says:

    There is no Sub Prime..

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  • All these foreclosure notices mean loan defaults – it’s just that the owner of the CDOs don’t know that yet!

    Expect the city to continue feeling the jab of these loan foreclosures till Christmas, when it will get much worse.

    Result: Job losses in finance. Anyone for a plumber’s course?

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  • The numbers are staggering and given the increasing lone default rate bordering on being catastrophic. The level of complacency in underestimating the scale of the problem is particularly worrying.

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