Foreclosure Filings Hit Record in April
May 14th, 2008Via: CNN:
U.S. foreclosure filings reached a record high in April, rising almost 65% over the previous year and putting municipalities at risk by cutting into the value of taxed property, according to a study released Wednesday.
Some 243,353 households, nearly one in 519, received a foreclosure filing during April, according to the U.S. Foreclosure Market Report from RealtyTrac, an online marketplace that tracks foreclosed properties. That was up 4% from March, and surpassed the record of 239,851 set in August 2007.
It’s “the highest monthly total we’ve seen since we began issuing the report in January 2005,” said chief executive James J. Saccacio in a statement.
RealtyTrac’s measure of foreclosure filings includes notices of default, auction sales and bank repossessions. According to the report, 54,574 were fully repossessed by banks in April.
Well I guess we’re in for a financial shitstorm, because April is when the showers come to make May “flowers.” And come September? Is the saying for September, “bringing in the sheaves?’
Ha ha ha.
I’m trying out a dialogue with myself re cutting up my credit cards. This is my first thought while I’m reading “Bad Money” by Kevin Phillips. And these thoughts come to mind while reading page 53 of 207.
The financial “services” sector, I have to agree, have destroyed the world economy.
Unregulated fast track morphing gains out of debt has driven the world economy since Reagan. Clinton only made this type of “growth” worser.
Bush made it his slam dunk.
I think the world is in for a large hunker down and conservation sydrome.
The bad boys on Wall Street have had their day.
It’s over for them.
For the rest of us?
I wouldn’t touch a speculative venture not grounded in manufacturing with a thousand foot pole.