Psst, America, That Whole Housing Thing Might be a "Problem"...
I remind you here, America, that this is your recovery.
Jr Deputy Accountant disclaims the following: $0 debt load, a rented apartment, and a job. That's it. My only duty is to keep my company afloat despite the rocky seas of total economic failure, and thankfully for me, the accounting industry is a good 12 months behind everyone else (or so CPA Trendlines once stated) and therefore we're poised to absorbed the best of whatever uptick comes our way with less ground to cover when it comes to recovery.
But you, America? You might be screwed. Hope that 3 bedroom, 1 1/2 bath was totally worth it.
NEW YORK (Reuters) - U.S. mortgage foreclosure filings in August hovered near July's record high despite broad efforts to keep borrowers in their homes and will probably rise for another year, according to a report released on Thursday.
Filings -- including notices of default, auction and bank repossession -- dipped 1 percent last month from July's all-time high and were up 18 percent in August from the same month a year earlier, real estate data firm RealtyTrac said.
"The pipeline of early stage foreclosures and delinquent loans is still probably going to overwhelm the system's ability to quickly modify" terms so struggling homeowners can make their monthly mortgage payments, said Rick Sharga, senior vice president at the Irvine, California-based company.
One in every 357 U.S. households with loans got a foreclosure filing in August.
Though lenders are moving in the right direction, Sharga said, RealtyTrac is revising up its estimate for filings this year and now expects a more prolonged foreclosure crisis.
Some 3.4 million households will get a filing this year, up from the prior estimate of 3 million to 3.2 million, and sharply higher than 2.3 million filings last year.
If the forecast is realized, it will be more than four times the filings in 2005, before the deepest housing crash since the Great Depression began.
"We had been thinking that this year would be the peak, but at the rate things are going right now, it's appearing more likely that late 2010 might be the peak year before things start to moderate," Sharga said.
O rly? Cuz that's not what I heard. Funny, didn't I just write "I'm Praying for Another Boom" (Because Obviously I'm an Idiot) today, the bulk of which was inspired by an NYT article posted today as well?
Amazing how things can turn around in a few hours.
I've said it before and I'll say it again. Those Mayans may have been on to something with that whole 2012 deal.