Foreclosure Activity Hits A 7-Month High

[golfguru]

More U.S. homes entered the foreclosure process in October than in the previous month, with Florida, Pennsylvania and Indiana registering among the largest monthly increases, new data show.

Some 77,733 properties received an initial default notice last month, up 10 percent from September, foreclosure listing firm RealtyTrac Inc. said Thursday.

http://www.npr.org/2011/11/10/142205811/foreclosure-activity-hits-a-7-month-high

[DCBob]

1. This is what is holding back any kind of housing recovery.

the silver lining though is this is allowing many who could have never afforded to buy a home may now be able to.

[saras]

2. WTF? Who do you think is LOSING their houses?

Those "many who could have never afforded to buy a home" are more likely to be foreign investors than actual homeowners.

They must be all the people who got new, well-paying jobs in our fantastic economic recovery, right?

[DCBob]

3. many of these foreclosures are second homes and flipper types who got in too late.

many bought homes they could not afford hoping to cash in on the bogus housing bubble. I really dont feel sorry for them.

[AnneD]

4. Not as many as you think....

I have gone to foreclosure auctions and tax auctions. The Banks and their lawyers snap up these houses and bid them up or suppress them, whatever works best for them. So forget a cheap house.

Now add to this hot mess, you may not get a clear title in your research. Remember all those robo signed document phony titles. And let's not forget Countrywide. Mazillo should be doing time behind bars. They wrote loans based on fraudulent income. No way in hell should a hairdresser making 20-40K a year get into a house worth 200k and no down...but they wrote them anyway because they got their fees up front.

And then there was my Mom's case some years back. She had excellent credit, more then 20% down. When she went to sign the loan, they tried to rush her through (big mistake). When she actually read the loan, instead of a fixed which she more than qualified for, and what she told them she wanted, they tried to get her to sign for a variable rate. She balked, they threatened to pull out, and she told them go ahead. Needless to say they backpedaled. Did I mention this was in a suburb of Phoenix?

Many good person was fleeced. Don't paint everyone in the same broad strokes.