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1 in every 357 homes in Foreclosure



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I know... I am getting all prepard for it in Commercial RE

www.commercialreoexperts.com

In peace & liberty,
Treg

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1 in 25 homes in foreclosure

About 4.3 percent of U.S. homes, or one in 25 properties, were in foreclosure in the second quarter, the Washington-based Mortgage Bankers Association said last month. That’s the most in three decades of data, and loans overdue by at least 90 days, the point at which foreclosure proceedings typically begin, rose to 7.97 percent, the highest on record.

http://www.bloomberg.com/apps/news?pid=20601103&sid=a3dnPxhc...

that was last month only

its higher than that

the asset managers have been

the asset managers have been doubling thier staff, my friend is a big bank owned agent and told me. so if the asset companies are doubling staff for freddie mack and fannie mae to liquidate homes what does that mean......its supposed to start October 1st, so we will see.

SteveMT's picture

These option-arm mortgages are unbelievable.

"The mortgages differ from other ARMs by offering an option to pay only the interest each month or a low minimum payment that leads to a rising balance in the loan's principal."

"When the balance of the loan reaches a certain level or the mortgage hits a specific date, the borrower must begin making full payments to cover the new amount. The loan's interest rate also may have been fixed at a low level for the first few years with a so-called teaser rate, but then reset to a higher level."

Whomever devised such a nightmare mortgage should pay, not us.

Worse yet is the...

Commercial Real estate bubble that is starting to implode, especially here in California.