Foreclosures up 60% - 1 in 134 homes in default

**TampaToker** · 07-31-2007, 04:24 AM

Originally posted by Red Ezra

shit is shitting the fan

Buyers market here in my area right now. People loosing there houses big time over here.

**Red Ezra** · 07-31-2007, 04:28 AM

Originally posted by TampaToker

Buyers market here in my area right now. People loosing there houses big time over here.

I bet it's going to be harder to get a loan with this kind of foreclosure increase

**wiggitywack** · 07-31-2007, 06:45 AM

This is probably only the beginning.

I read recently that the peak number of ARMs taking out during the housing boom are due to re set this Fall. Many of the people who got ARMs will be able to handle the increased payments for a few months, then will fall behind, then get into foreclosure trouble.

I have been following the housing news closely for a long time and I am confident we aren't even halfway thru the correction yet.

Just read what Countrywide's CEO had to say the other day:

http://money.cnn.com/2007/07/24/news...reut/index.htm

Foreclosures up 60% - 1 in 134 homes in default

Foreclosures up 60% - 1 in 134 homes in default

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