May U.S. foreclosures third highest on record

Reuters ^ | 6/011/09 | Lynn Adler

[bill1952]

U.S. foreclosure activity for May ebbed from April's record, but mortgages still failed at a staggering pace as President Barack Obama's rescue programs...

Foreclosure filings dipped 6 percent in the month but increased 18 percent from May 2008, marking the third highest month on record.

"There were almost one million foreclosure filings in a three-month period, and that's simply unprecedented," Rick Sharga, senior vice president at RealtyTrac in Irvine, California, said in an interview.

Temporary freezes on foreclosure activity ended in March. Failures of many seriously delinquent loans that were put on hold during those moratoria have been thrust back into the foreclosure cycle...

The hurdles are high. Unemployment reached a nearly 26-year peak in May and mortgage rates have leaped a percentage point from their spring lows to more than 5-1/2 percent.

One of the cures to this problem is enough buying activity to eat up the inventory of distressed properties, Sharga said...

If mortgage rates go up to where people decide to wait out the market again, that's just going to add to the inventory numbers and put more downward pricing pressure on all homes...

[bill1952]

The author seems to be saying that Hussein's plans have not had enough time, but a look at the data suggest that time is irrelevant.

The cycle has to play out no matter what Kenya's finest has to say about it.

[Dr. Thorne]

No way! It can’t be! GREEN SHOOTS!!! GREEN SHOOTS!!! *sob*

[frogjerk]

If mortgage rates go up to where people decide to wait out the market again, that's just going to add to the inventory numbers and put more downward pricing pressure on all homes...

IF?!?!

It is already happening. I think the average 30yr mortgage is now at 5.95% up from 4.91% in about a week and a half!

[Cheerio]

But but but, didn't child President just tell us the other day that the economy was looking up? I am confused. Throw more money at it, crank up the printing presses.

[junta]

More like tumbleweeds.

[nfldgirl]

Two years ago I got a $264K ($275K appraised value) mortage at 6.0% - 100% financing with NO PMI...I’ve been checking into refinancing and cannot find a thing to suit my purpose....no more 100, 95 or even 90% refinancing without PMI. So, will just have to sit on what I have. As usual, those who “play by the rules” get screwed!

[freekitty]

I would like to think Congress understands if Obama continues his fantasy up the yellow brick road; they won't have a job; and it's not because we fire or unelect them
Obama will abolish their jobs.