30% Spike In Foreclosure Filings

Now that the temporary suspension of foreclosure filings has been lifted by some of the banks, February saw a dramatic increase to the tune of 290,000 property foreclosures.  Chase is set to lift their moratorium on Friday.

That total, a roughly 6% increase from January, was the third-highest monthly total – following those in August and December 2008 – since the foreclosure-listing service’s report was launched in early 2005.

After a 45-day voluntary moratorium in Florida ended at the end of January, foreclosure activity increased 14% from a month earlier, RealtyTrac said. Many New York proceedings delayed by a 90-day extension appear to have hit the system in February, boosting foreclosure activity by 23%, the report said.

The two hardest hit cities are Las Vegas and Cape Coral-Fort Myers, Florida.  Las Vegas saw one in every 60 properties and the Fort Myers area had one in every 65 units get hit with a foreclosure notice.

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Meanwhile, thousands of Alt-A and option-arm loans worth $60 billion to $70 billion are due to reset starting in the second quarter, Sharga said. This wave of resets comes as unemployment continues to mount.

“What that suggests to us is there’s an awful lot of water building up behind that dam,” Sharga said, adding he expects nearly 3 million homeowners to receive a foreclosure notice this year, with about half of those homes returned to the bank.

The painful news of the foreclosures, makes the Feds report about the American families net worth falling by 20%, just adds more salt to an ever growing wound.  We have all received several statements since last year and have watched our 401k’s dwindle, in many cases take a beating that will be hard to ever recover from.

The net worth of American households fell by the largest amount in more than a half-century of record keeping during the fourth quarter of last year.

That downturn has sent unemployment soaring to a 25-year high of 8.1 percent in February with 4.4 million jobs lost since the downturn began.

In my opinion, I think George Bush deserves the same prison sentence that Bernie got today for this nightmare he left behind…

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