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RealtyTrac: we will see a surge in the (foreclosure) numbers over the next few month

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posted on Feb, 11 2010 @ 12:15 AM
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www.realtytrac.com...

...“January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10 percent drop in January,” said James J. Saccacio, chief executive officer of RealtyTrac “If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works.”
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...More at link

Hold onto your hats: declining home prices -> bank asset devaluation -> tighter credit -> stock market contraction -> corporate belt tightening -> unemployment rising -> declining home prices ...




posted on Feb, 11 2010 @ 12:19 AM
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Just in time to coincide with the Federal Reserve(the ONLY buyer of mortgages at this point), to stop buying mortgages.

online.wsj.com...

...The Federal Reserve's pledge to stop buying mortgages by the end of March is sparking fears among home builders, mortgage investors and even some Fed officials that mortgage rates could rise and knock the fragile housing recovery off course.
...
When such a big investor stops buying, "that could lead to material increases in [interest] rates across the board," said Ronald Temple, portfolio manager at Lazard Asset Management. He sees mortgage rates rising by a percentage point when the Fed stops buying. A withdrawal of government support, combined with high unemployment and rising mortgage foreclosures, could push home prices down 20%, he said.
...



posted on Feb, 11 2010 @ 12:53 AM
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A tsunami wave is not just one huge wave that washes in wipes everything out and then retreats and everything is normal.

It is a series of waves some times the 2nd or 3rd wave is larger than the 1st.
The commercial real estate market is going to take a big hit soon.

Plan on seeing hundreds of mini malls and light industrial buildings sitting empty nation wide.

Investors borrowed money hoping they could get those buildings occupied
to pay off the loans.

The American dream has turned in to one big nightmare.



posted on Feb, 11 2010 @ 12:55 AM
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The very fact that this prediction is made on ATS gives me confidence that it will not happen.




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