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Many houses, maybe half of them, are worth nothing. They serve no benefit in a nation that has outsourced almost all job sectors. America is broke and the banks are still holding it hostage. For what I dunno. They are sadists/masochists.
So a default notice is being counted as a foreclosure? Well then it's a meaningless stat. Banks don't have to risk perjuring themselves in court if they count a NOD as a foreclosure.
Correct. And let's not forget that claim reported earlier this week that the Banks had actually stopped doing real foreclosures after their self-imposed moratorium was over. This claim was made, IIRC, by one of the lawyers for one of the big banks.
The reason they are still sending out notices, according to him, is so that it looks like they are still doing foreclosures.
Housing's about to get killed. This will make the last biggest housing bust in the 1300's look good.
Destruction of property law combined with a debased currency sounds so medieval.
...and so in keeping with the communist plan of destroying america.
It surprises me that they make no mention of Short Selling. The borrower still has 90 days after the NOD is served to short sell their house.
It would be easy for this data to be skewed; if short sales rose (they are) there would be less properties repossessed by the the banks. Not necessarily because the robo-signing scandal. I would assume that would have a bigger affect solely on the NODs.
Maybe.. they shouldn't have kept interest rates so low for so long...
my brother does residential real estate appraisals for a Large money center bank (starts with a B, ends with an A). on a recent conference call, said bank told appraisal staff that a "300 percent increase in reo appraisals" would happen in 2011. said bank did not say if if it was shadow inventory or anticipated worsening of the housing market.
I'm thinking of starting a demolition business; first Florida, then Nevada; perhaps Arizona. I'll franchise out the DC area but only if the franchisee supplies his/her own heavy weapons.
EURO daily chart bearish warnings continue.
US Dollar daily chart bullish warnings continue.
I am shocked, and I mean SHOCKED that this hasn't gotten bigger. Then again, Chris Whalen did say it would take 3-6 months.
Anyone have a chrono-accelerometer?
Those of us that have been ultra-bearish on housing since 2003 are just over the whole thing, which is why it hasn't blown up. At this point I think most people are just "oh wow, another scandal, business as usual" which is sad. When was the last time you heard a big story about Iraq? It's just like "oh yeah, more atrocities and death, that whole thing."
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