What recovery? There were 937,840 foreclosures in Q3 in the US, according to RealtyTrac, the highest quarterly level since they starting issuing reports in 2005. Let’s take a closer look via giant sexy graphic visualization, inside.
One disturbing indicator of how the mortgage market is still messed up: The 7-month program to refinance underwater homes has only reached 3% of eligible borrowers.
And even after refinancing, some of these homeowners still owe more than their house is worth, as banks refuse to refi at the real market price for fear of realizing the loss on their books. Some of those who re-fied are already in foreclosure.
Consumers are more stressed than ever to make their mortgage payments. With hundreds of thousands of Option-ARM mortgages resetting this month, high unemployment, strapped bank accounts and cut credit lines, the housing crisis is far from over.
US foreclosures’ flurry of activity [USFST]
(Big Graphic: GDS Digital)
PREVIOUSLY: Newsflash: The Next Tsunami Of Aggressively Irresponsible Loans Didn’t Magically Disappear
Monthly Mortgage Rate Resets, 2007-2016