Mike has the story prety much on target. The only thing missing is the exact timing of the events.
Tuesday, April 7th, 2009 | By Mr. Mortgage
Foreclosures About to Soar Near-Term — Easily Back to All-Time Highs
Are you ready to see the future? Ten’s of thousands of foreclosures are only 1-5 months away from hitting that will take total foreclosure counts back to all-time highs. This will flood an already beaten-bloody real estate market with even more supply just in time for the Spring/Summer home selling season - great timing!
For months prior to March, banks/servicers were on and off of foreclosure moratoria with many on a complete hold awaiting Pres. Obama’s plan to save the housing market and homeowners. We track each foreclosure start through the entire foreclosure process individually and in aggregate — also by originator and servicer — and as soon as the Obama plan was made known, banks/servicers shifted their Notice-of-Default and Notice-of-Trustee Sale machines into overdrive.
Foreclosure start (NOD) and Trustee Sale (NTS) notices are going out at levels not seen since mid 2008. Once an NTS goes out, the property is taken to the courthouse and auctioned within 21-45 days.
[snip]
Hunger does a man good, especially if he's been fat, dumb and happy all his life.
We'll all be eating trash!
A very, very good time to be armed, and alert.
Thanks for posting. Very interesting.
Got a call just today from a buddy of mine in Reno, NV, one of the most bubbly of the housng markets. He and his wife bought a townhome for $225,000 three years ago or so. No money down, etc. (Countrywide mortgage) They want to sell. The realtor recommended a price of $75,000.
We’ll be paying for that one.
Here’s a paper examining/comparing our debt deflation and finance/banking implosion to those that happened in other countries:
http://www.aeaweb.org/annual_mtg_papers/2009/retrieve.php?pdfid=245
http://www.economics.harvard.edu/files/faculty/51_Is_The_US_Subprime_Crisis_So_Different.pdf
Summary: three to four years, 7% additional unemployment from the onset of the crisis, about a doubling in the national debt.
We’re nowhere close to ‘over’ for any definition of the word ‘over.’ Worse, the Obama administration (as well as the Fed) appear intent on a) studying all the mistakes of the Japanese in the 1990’s, and b) repeating them.
ping
Don’t think so. It was only made to appear that way temporarily in order to usher Zero into office. It will miraculously come back quickly. Watch.
Would you like a vision of the American future? Picture Detroit... everywhere.
The bad news for us: Chinese save a much larger percentage of their income than we do.
The good news for us: We earn far more than the Chinese.
China vs. USA is like apple vs. orange. The fact that such an obvious egregious error is in here makes me wonder about egregious errors that aren’t so obvious.