Foreclosures Exploding, Surprised?

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Foreclosures spiked 36% over July numbers and are more than double the number over the same period last year according to the most recent RealtyTrac report.  Nevada and California lead the nation (shocker) and the number of repos is up as well.  From a Market Watch interview with the CEO of RealtyTrac:

“The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable-rate loans are beginning to reset,” said James Saccacio, chief executive for RealtyTrac.

Last month’s leveling off, which some tried to cite as a break in the chaos were clearly wrong.  The foreclosure rate in July was up just 9% over June, which some housing bulls pointed to as a sign that the worst was behind us.  As you probably learned in one of your math or science classes – one data point does not make a trend.  It is clear that the foreclosure train is in full speed barreling down (and off?) the tracks.  Hold on.

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