Foreclosures to Top 1 Million

Posted by: Chris Palmeri on October 9, 2008

Web site Foreclosures.com just released its monthly U.S. Foreclosures Index for the month of September. Foreclosures increased by nearly 7% from August to September — making it nearly certain—the site says—that this year will see more than 1 million foreclosures in the US.

The Southwest and Southeast continue to lead the way in foreclosures, with more than 15 foreclosures for every 1,000 households this year in the Southwest and more than 10 foreclosures for every 1,000 households in the Southeast. States with the highest percentages of foreclosures are: Arizona, Nevada, Mississippi, California and Georgia.

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Other highlights:

- Five of the top 10 counties with pre-foreclosure filings based on a percentage of households are in Florida. Pre-foreclosure filings are steps lenders take before actually foreclosing.

- Pre-foreclosure filings are set to top 2 million this year, foreshadowing more difficult times ahead.

Reader Comments

tansa

October 9, 2008 4:28 PM

Consumers are spending every penny they are bringing in. The only way to increase consumer spending is to distribute income downward.

Snoz

October 10, 2008 1:56 PM

No where will the perpetrators, accomplices and accessories to the massive real estate fraud be punished with more severity than the wicked, evil, idolatry-worshipping Californian. California, the land of Sodom and Gomorrah, is populated with unrepentant liars, cheaters, and scammers whose worship of the golden calf in real estate "investment" has unleashed the Armageddon that now has engulf this nation's and world economy in fire and brimstone. Using fake income documents, fraudulent appraisals, and dishonest dealings, the evil California real estate industry-racketeers stole billions from the banks and investors of mortgages. It is in godless California where the abominations reached critical mass as MegaLotto, SuperLottoPlus, horse-race wagering, casinos, sins of the flesh and real estate fraud proliferated without shame or regard to the Almighty. The old motto in California is "Eureka." The new motto is: Come to California and live the California Promise, which is to live off of the fraud, lies and scams upon the innocent. Out of these abominations came temporary wealth in which the California wallowed with abandon. With Californian's parade of diamond, jewels and leased Mercedes seducing the gullible and vulnerable across the land, the multitude turned their back against the honesty of hard-work and Righteousness. Subsequently, the people of a once proud Nation placed its faith on easy-money, MegaLotto, PowerBall, Casinos, Hedgefunds, Derivatives, Default-Swaps, Structured Investment Vehicles, Collateralized Debt Instruments and Flipping Real Estates. In California, the mass orgy in unbridle pursuit of gold and silver, the pleasure of the green backs and euphoria of excesses became the way of life. The Federal Reserve and Treasury's printing machine fed and fueled the California's mass orgy with ever more green-backs printed without any accountability since the 1973 monetary policy that detached US money from the gold standard. Within 30 years, the plague spread across the Land and the world as Wall Street's avarice and Madison Avenue's manipulation fanned the greed, corruption, abomination and the desire for the new idolatry. As the new wealth, created through artificial and evil means, was so easily attained the greedy Californians double dipped and even triple-tripped back to the Land of Sodom and Gomorrah. But the Day of Atonement has arrived. Judgement has been issued. Those responsible shall be turned to stones or be stoned. Neither Treasury's $700Billion bailout nor $500Billion bank-teller loan nor purchase of banks/insurance/institution will enjoin the Judgment because the green-back used in the bail-out has no value other than the faith of the unfaithful. The unfaithful cannot even sustain itself let alone a currency. The nations of the earth may rise up and their leaders take counsel together but the judgment shall be affirmed. There is no escape from Judgment. The crooked shall be made straight; the hills made low; and the plains stay the same. In the 2nd coming of the Depression, the less-evil Californians shall live in squalor, taste the bitter earth, and wonder circuitously for 40 years in the Mojave Desert in penitence. While the wages of sin is death, there are worse punishment for the evil California whose worship of idolatry and practice of abominations has brought about this national catastrophe. It is so written in Covenant. So it shall be done.

Jemal Finney

October 23, 2008 10:57 PM

The bail out package was a top down approach to helping the economy. I think that it has become evident that this deal was about people bailing out their buddies for making poor decisions. People should not forget that it is the millions of middle class workers that make the economy work. A bottom up approach would have been a better strategy to avoid this crisis.

Denette

October 23, 2008 10:59 PM

The foreclosures are at an all time high because of the greed of people like Killenger, the CEO of Washington Mutual. The subprime loans could only last for a very limited time, yet many CEOs continue to push their personal agendas.

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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