The US foreclosure ticker

[ASusilovic]

Sounds a bit 2008, for sure, but the numbers still have the ability to shock.

According to the Center for Responsible Lending in the US, the number of home foreclosures so far in 2009 has just topped 1m.

The lobby group even has a handy ticker, so you can watch the tally rise in real time:

The current rate of growth is 6,600 homes a day, or one every 13 seconds. But, as 24/7 Wall St points out, we’re only just getting going here.

http://247wallst.com/2009/06/01/sta...tm_source=rss&utm_medium=rss&utm_campaign=rss

The CRL reckons foreclosures will hit 2.4m by the end of the year, while by 2012 the ticker figure will have grown to a total of at least 9m.

The full bill in terms of house value destruction? $1,900bn, the CRL says.

http://ftalphaville.ft.com/blog/2009/06/02/56498/the-us-foreclosure-ticker/

V Recovery ...LOL !

 

[nazzdack]

Quote from ASusilovic:

You've got your sights set on a New York City brownstone with some of your 2009 bonus?

 

[ASusilovic]

Quote from nazzdack:

You've got your sights set on a New York City brownstone with some of your 2009 bonus?

Nazz,

I abandoned the idea after NYC state authorties gave me such a hard time ! Forget it ! I just say the following words :

investor UNFRIENDLY environment !

Instead, I will do what all other pundits are doing : bet on huge inflation surge. Seems "en vogue"...

 

[ByLoSellHi]

9 million foreclosed homes by 2013.

That's hard to imagine.

I was blue, just as blue as I could be
Evry day was a cloudy day for me
Then good luck came a-knocking at my door
Skies were gray but theyre not gray anymore

Blue skies
Smiling at me
Nothing but blue skies
Do I see

Bluebirds
Singing a song
Nothing but bluebirds
All day long

Never saw the sun shining so bright
Never saw things going so right
Noticing the days hurrying by
When youre in love, my how they fly

Blue days
All of them gone
Nothing but blue skies
From now on


I should care if the wind blows east or west
I should fret if the worst looks like the best
I should mind if they say it cant be true
I should smile, thats exactly what I do

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[wave]

Unless you don't care about paying too much for something, I don't see why anyone would plunk down a downpayment on a house right now. You put down 20-30% down payment in 2009 only to see the equity in the home you just "invested" in drop 20-30% by 2011.
Home prices are still way too high.

By 2011 rates will be back above 7%, home prices will have reverted back to 2000-2001 levels. The investors will start making their moves and the fed will start reducing interest rates again and a new boom cycle will start to emerge.

 

[Kevmeister]

Quote from ByLoSellHi:

9 million foreclosed homes by 2013.

That's hard to imagine.

And the Dow at 20,000. Now that's hard to imagine.