A foreclosure filing every 13 seconds
Here are some foreclosure stats to brighten up your day.
There have been 1 million new foreclosure filings across the country – all since January.
And that number is expected to more than double by year’s end, according to a depressing new report released by the Center for Responsible Lending.
That’s a new foreclosure filing every 13 seconds.
That comes atop a new report by the Mortgage Bankers Association that a stunning 12 percent of all mortgages are now delinquent.
By the end of 2012, we are looking at a total of 9 million more foreclosure filings.
But the rest of us also pay a price, with every foreclosed home dragging down the value of the other homes in the neighborhood.
Over the next three years, that means nearly $2 trillion in property values that will simply vanish, hitting tens of millions of homeowners in the wallet.
I had been feeling slightly optimistic that there might be signs the foreclosure epidemic might have peaked, or was at least slowing so.
Even so, we have dug such a hole it is clearly going to take years to climb out.
