Thread: 73,000 homes lost to foreclosure in May

Drip...drip...drip...

The housing crisis grew worse in May, as more than 73,000 American families lost their homes to bank repossessions, up a staggering 158% from the 28,548 households that were dispossessed in May 2007.

Foreclosure filings of all kinds, including default notices, notices of sheriff's sales and bank repossessions, were up 48% from May 2007, according to the latest release from RealtyTrac, the online marketer of foreclosed properties. Filings increased 7% from April.

"May was the 29th straight month we've seen a year-over-year increase," RealtyTrac's CEO James Saccacio said in a statement.

The report follows months of increasingly gloomy housing market conditions with home prices, existing home sales and new housing starts all plummeting.

The S&P Case/Shiller Home Price Index posted a record 14.1% decline in national home prices for the 12 months ending March 31, while April's existing-home sales were down 17.5% year over year.

Foreclosures up again in May - Jun. 13, 2008
drip..drip.DRIPDRIPDRIPDRIPSPLAAAASH!

Originally Posted by Blueneck

Drip...drip...drip...

Foreclosures up again in May - Jun. 13, 2008
drip..drip.DRIPDRIPDRIPDRIPSPLAAAASH!

Lets put this into perspective shall we. Add your numbers to these...

Foreclosures Climb 65% as Loan Workouts Fall Short

May 14 (Bloomberg) -- U.S. foreclosure filings climbed 65 percent and bank seizures more than doubled in April from a year earlier as mortgage industry efforts to modify loans fell short.

More than 243,300 properties were in some stage of foreclosure, the highest monthly total since RealtyTrac Inc., a seller of default data, began in January 2005. One in every 519 households received a filing and Nevada, California and Florida had the highest rates. Filings rose 4 percent from March.

I would be interested in the reasons more than the numbers.I suspect this would clear up much of the hysteria being promoted here.

Originally Posted by Heel31ok

I would be interested in the reasons more than the numbers.I suspect this would clear up much of the hysteria being promoted here.

People are walking away from the so-called "American Dream". good for them.

What I find bizarre is that I am not seeing data on return of title in lieu of foreclosure. This is what is used by people who know what they are doing.

Originally Posted by Blueneck

People are walking away from the so-called "American Dream". good for them.

Why?............

Originally Posted by Stinger

Why?............

Uh, because saying no to a lifetime of debt is cool.

Originally Posted by michaelr

Uh, because saying no to a lifetime of debt is cool.

Sorry I don't follow, why are they haveing to walk away from the homes and mortgages they agreed to?

For instance USA Today have a story this week and highlighted a couple. How horrible that they were facing foreclosure blah blah blah. Of course when got into the story you found out that they had overspend on credit cards and automobiles, loaded up debt and everychance just put it on their home and maxed out home equity loans until they are upside down in it.

Oh well..........

People gambled on their homes and lost.

Originally Posted by Stinger

Sorry I don't follow, why are they haveing to walk away from the homes and mortgages they agreed to?

For instance USA Today have a story this week and highlighted a couple. How horrible that they were facing foreclosure blah blah blah. Of course when got into the story you found out that they had overspend on credit cards and automobiles, loaded up debt and everychance just put it on their home and maxed out home equity loans until they are upside down in it.

Oh well..........

People gambled on their homes and lost.

Thats one way of looking at it, lets try another.

We were lied to about inflation, wages became stagnate, costs have gone up, jobs were lost, new jobs at Wal-Mart don't pay, people lost their homes.

Originally Posted by michaelr

Thats one way of looking at it, lets try another.

We were lied to about inflation, wages became stagnate, costs have gone up, jobs were lost, new jobs at Wal-Mart don't pay, people lost their homes.

Not that I agree with your assertions but what did that have to do with them signing a mortgage they couldn't afford or taking a risk on their home and losing and putting things on home equity notes so they never build any equity?

Fix rate mortgage, don't carry debt, don't spend more than I make, don't go out to eat put it on a credit card and then put the credit card balance on a home equity loan so that the $20 meal ends up costing me $40.