It seems that that song might finally be outdated!
According to the Center for Responsible Lending (CRL), we’re running out of time. Their website has a counter that sums up the total number of foreclosures since January 1, 2009, and every 13 seconds the counter ticks up another foreclosure. At the time of posting, the counter reads 238,204 foreclosures!
The Wall Street Journal tell us that “the tally is based on data from the Mortgage Bankers Association, adjusted to reflect estimates of the entire mortgage market, CRL says. It projects that lenders will initiate 2.4 million foreclosures this year. Of course, not all of those will result in people being evicted from homes. Lenders and government-backed mortgage investors Fannie Mae and Freddie Mac are trying harder to prevent or at least delay foreclosures to avoid putting more downward pressure on home prices.”
Here are some questions to think about?
Will government intervention stem the tide?
Will a massive bailout?
Will setting mortgage rates at some fixed number?
When does it end?
Article Author:
Joshua DorkinJoshua has written 539 articles for us.
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BiggerPockets.com was founded by Joshua Reed Dorkin in August 2004. An entrepreneur, web designer, real estate investor, and one-time realtor, Joshua was not satisfied by the online offerings of other real estate sites out there, and decided to build one himself. Mr. Dorkin's vision for BiggerPockets has helped to propel it into becoming one of the top real estate destinations online. His vision for the site and its future has brought national press attention to both Mr. Dorkin and to BiggerPockets.
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{ 6 comments… read them below or add one }
I think it ends when our government quits bandiading the problem and allows some of these banks to fail. Nothing like failure to encourage out side the box thinking. Obviously a 4% interest rate would also help.
It’s a real shame with all these foreclosures, my heart goes out to all the families that are losing their homes or have already lost their homes.
It is unreal to look back only a couple a years ago to the staggering differences in what our problems were. While the figure of a foreclosure every thirteen seconds is heartbreaking, there are some other less than optimistic statistics as well. The employment index indicated a loss of 693,000 jobs lost in December last year. That equates to a little over 15 jobs a minute lost. Let’s just hope that those figures take a positive turn before sinking into oblivion.
Are sites like http://www.foreclosurefox.com worth the free trial?My wife and i have been trying to learn to flip homes and want to know if anyone’s had success in gathering info from theses blog sites.
Any relation to Matt Landry from the site you’re asking about, Dan?
They just use a 3rd party foreclosure database called foreclosurefreesearch.com to power their site and have nothing new to add to the mix, it seems.
I agree with Mitch, the differenc in the economy now from 3 or 4 years ago is staggering. Its beyond sad that people are losing their jobs and homes. People are just walking out the homes and leaving what most would view as precious and even close to the heart items…like their pets.
I listen to the news every morning while having my coffee and breakfast and working on the computer. Where at one time I felt this was good to keep me ‘in touch’ with what was happening in the world, I have re-evaluated this and will probably stop. I’d like to hear some good news. Today I listened to the news about more job losses and the gigantic bonuses the MLynch executives were getting or already got… It just doesn’t make sense. A small piece of their bonuses could be life changing for some.
How much money does a person need???