How Much Time is 13 Seconds? Enough for Another New Foreclosure

by | BiggerPockets.com

Remember the Rolling Stones song “Time is on Our Side”?
It seems that that song might finally be outdated!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?

About Author

Joshua Dorkin

Joshua Dorkin is a serial entrepreneur, investor, podcaster, publisher, educator, and co-author of How to Invest in Real Estate. He started BiggerPockets to help democratize the real estate investing landscape for himself and others, aiming to make it accessible for everyone, regardless of income or education. Today, BiggerPockets is the premier real estate investing website online with over one million members and reaching over 70 million people with the message of financial freedom through real estate investing. Joshua, along with his wife and three daughters, make their home in Denver, Colorado, and spend any time they can traveling, exploring, and adventuring. Read more about Joshua’s story in 5280 and Inc.com.

6 Comments

  1. 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.

  2. 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.

  3. 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???

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