As they say, the faster we find the bottom of the housing mess, the sooner we can start to turn it around. There are all kinds of statistics to measure housing, and so far none of them look good. New numbers from Realtytrac show foreclosures up 70% in Q3:
AP: Nationwide, nearly 766,000 homes received at least one foreclosure-related notice from July through September, up 71 per cent from a year earlier, said foreclosure listing service RealtyTrac Inc.
By the end of the year, RealtyTrac expects more than a million bank-owned properties to have piled up on the market, representing around a third of all properties for sale in the U.S.
Still no chance on which states are getting slammed:
Six states — California, Florida, Arizona, Ohio, Michigan and Nevada — accounted for more than 60 per cent of all foreclosure activity in the quarter, with California alone making up more than a quarter of all U.S. foreclosure filings.
Meanwhile, the administration is cooking up some new homeowner relief scheme. Hank Paulson has already said that they’ll be focusing more attention on a homeowner bailout, and today WSJ reports that the government will spend some $40 billion to forestal foreclosures.
At a Senate Banking Committee hearing Thursday, Federal Deposit Insurance Corp. Chairman Sheila Bair is expected to suggest the government give banks a financial incentive to turn troubled loans into more-affordable mortgages, according to a person familiar with her testimony. Under the proposal, the government would share in any future losses on the new loans with lenders.
Apparently when it comes to bailing out Main Street, the government will drop its requirement for the taxpaper to be made whole.