Interest Rate Roundup

Wednesday, May 14, 2008

RealtyTrac: No rest for those weary of foreclosures

From the AP this morning:

"More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 percent versus the same month last year and contributing to a deepening slide in home values, a research company said Tuesday.

"Nationwide, 243,353 homes received at least one foreclosure-related filing in April, up 65 percent from 147,708 in the same month last year and up 4 percent since March, RealtyTrac Inc. said.

"Nevada, Arizona, California and Florida were among the hardest hit states, with metropolitan areas in California and Florida accounting for nine of the top 10 areas with the highest rate of foreclosure, the company said.

Incidentally, this is a new high for total filings, as you can see in the chart above. The previous monthly record was 239,851 in August 2007.


  • Interesting graph. The plateau of foreclosures starting in July correlates reasonably well in time with the Fed pumping out credit with lower interest rates and TAFs. If correlation is causation, despite opening wide the spigot over the past 8 months, any benefit from Fed action has been lost as foreclosures continue their march skyward.

    By Blogger SF Mechanist, at May 14, 2008 at 10:24 AM  

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