One million forclosures

[Texas Proud]

So it seems that we might have 1 million forclosures this year... setting a new record that was set last year...

"Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by RealtyTrac Inc"

"By comparison, lenders have historically taken over about 100,000 homes a year, Sharga said."


Soooo, if this is the case... that is 1.9 million homes... or 19 years worth in 2...




Homes lost to foreclosure on track for 1M in 2010 - Yahoo! News

 

[IndependentlyPoor]

The Naked Capitalism blog reported the same story and frets about the "shadow inventory". Note the kicker for us "aging individuals":

The scary part here is this estimate of market overhang refers only to foreclosed and distressed property. There is another category of hidden inventory, people who would like to sell but aren’t even listing their houses. These would include people who want to relocate, aging individuals who’d like to downsize and had hoped to be able to liberate some equity.

from
Shadow Housing Inventory: Two Houses for Every One for Sale naked capitalism

 

[HFWR]

Dang, the music stopped...