Thursday, July 15, 2010

After Subprime – still a big mess

U.S. Home Seizures Rise 38% to Record as Banks Process Backlog

"A record 269,962 U.S. homes were seized from delinquent owners in the second quarter as lenders set a pace to claim more than 1 million properties by the end of 2010, according to RealtyTrac Inc". " “Foreclosures haven’t peaked yet,” Nicolas Retsinas, director of Harvard University’s Joint Center for Housing Studies in Cambridge, Massachusetts, said in a telephone interview. Unemployment suggests that bank repossessions may climb for another six to nine months, he said".

Posted by alan @ 09:02 PM (988 views)
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One thought on “After Subprime – still a big mess

  • we don’t have a fiat money system, we have a credit money system

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