August foreclosures were up 53% from a year earlier, according to RealtyTrac, a company that tracks foreclosure data.
115,292 properties went into foreclosure in August, representing a 53% increase from a year earlier.
That number is the second-hightest monthly foreclosure total of the year, following 117,151 in February.
California foreclosures are up 160% since last year, and the formerly hot Nevada real estate market recorded a 24% increase.
Yes, life is starting to get very exciting for homeowners with those nifty adjustable loans that are (surprise!) actually starting to . . . . adjust!
There will soon be a lot of homeowners experiencing that phenomenon known as “too much month left at the end of the money” as they watch their mortgage payments double!
Think we’re in for a soft landing?
Wait until we see the full effect of the estimated $400-500 BILLION of adjustable loans that are set to adjust this year.
I have seen estimates as high as $2 TRILLION (yes, that was a “T”) of adjustable loans that will adjust in the next two years!
A lot of those loans were originated when rates were below 5%, or were written with “teaser” rates below the then-prevailing rates.
Further compounding the problem is the fact that many of those homeowners bought as much home as they could afford, based upon their initial interest rate.