Foreclosures Worsen

Veronica Corningstone · #1 (**permalink**) 11-17-2006, 06:14 PM

Last month, 115,568 properties nationwide entered some stage of foreclosure, according to Realtytrac. October's activity was slightly higher than September's. Foreclosures were way up from the same time a year earlier.

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Erik · #2 (**permalink**) 11-17-2006, 06:19 PM

So when will someone officially proclaim that the bubble has burst?

Greg · #3 (**permalink**) 11-20-2006, 02:26 PM

It bursts every day... You just cannot paint the whole country all at once. Most area's are still appreciating. Do you ever look at cnn.com under money for the actual appreciation numbers around the country?

It is pretty impressive to see. I will have to post a link next time they update it.

Secret! · #4 (**permalink**) 11-20-2006, 02:30 PM

Erik: Home values started to spiral downward last Fall, sooo ALL of 2006 has been downhill for every area of the Country (except the 3 you'll point out to me after you read this) = result? Wholesalers are doing desk and field reviews on 90+% of their submissions.

Greg · #5 (**permalink**) 11-20-2006, 02:37 PM

Secret when you say "every area of the country" what is an area? Do you mean every state or are you saying east, west, north, south and so on?

Secret! · #6 (**permalink**) 11-20-2006, 02:43 PM

I was saying me and every major wholesaler believe each and every single home in America is falling in value by the hour ... even mine

Secret! · #7 (**permalink**) 11-20-2006, 02:44 PM

and YOURS too greg!

Greg · #8 (**permalink**) 11-20-2006, 02:53 PM

Oh... I got ya now...

National average is just over 4% Appreciation through Q2 2006.. Appreciation is declining but the country as a whole is still appreciating.

Source: OFHEO

No doubt in it being a downward trend though.

I have to call out the use of "Every" in your post.. You exaggerator ;-)

Point well taken on the field reviews and desk reviews!!! They seem to be happening a lot these days.

Erik · #9 (**permalink**) 11-20-2006, 03:34 PM

In calculus terms I believe that is called increasing at a decreasing rate, which I believe is also the case in general.

Not so sure about "every" home depreciating, however. Overall, the Utah market is still doing pretty well (something like 15-20% increase in '06 so far), but I figure that is due to a lot of Californians who sold out and are still buying cheaper property here with their profits, and will soon slow down.