Thursday, October 15, 2009

Foreclosures: 'Worst three months of all time'

"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.

During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008

Wait till the $8,000 credit expires and the effects of the 90 day foreclosure moratorium in California coming to end start showing up in the numbers, not to mention the resets that are in their infancy. The current foreclosure crisis is much worse today than ever before, yet you wouldn't know it by the way the bank stocks and the stock market is trading.

Scott Dauenhauer CFP, MSFP, AIF