Why the Financial System is Screwed.

[Nick Koske]

June update...keeps getting worse

Mish's Global Economic Trend Analysis: Fannie and Freddie Waterfalls Are Too Big to Bail

Month------REO------60+

10-2007---0.00%---11.53%
11-2007---0.04%---13.30%
12-2007---0.64%---16.83%
01-2008---1.83%---19.32%
02-2008---3.56%---22.69%
03-2008---4.44%---25.30%
04-2008---6.21%---29.07%
05-2008---7.77%---31.17%
06-2008--10.48%--32.69%

35% monthly increase on REO properties...ouch!

It's ok we're near the bottom right?

Maybe not

Foreclosures Rose 53% in June, Bank Seizures Tripled

Bloomberg.com: Worldwide

[perrybennett]

Wow. after all the bullcrap thats happened in the last 2 weeks, this thread is even more appropriate... and scary.

[Nick Koske]

Just thought I'd dig this thread up with some new data. Purely CA data...Nice little chart on the link that explains it all really well.

4-7 — CA Foreclosures About to Soar…Again | Mr. Mortgage Blog | Field Check Group: Real Estate & Finance

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!
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