Friday, January 14, 2011

Over 1 million Americans seen losing homes in 2011 - Yahoo! News

Over 1 million Americans seen losing homes in 2011 - Yahoo! News: "The bleakest year in the foreclosure crisis has only just begun. Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006. About 5 million borrowers are at least two months behind on their mortgages and industry experts say more people will miss payments because of job losses and also loans that exceed the value of the homes they are living in. '2011 is going to be the peak,' said Rick Sharga, a senior vice president at foreclosure tracker RealtyTrac Inc. The firm predicts 1.2 million homes will be repossessed this year."
Bucking the trend, I managed to conclude the refinancing of my home yesterday. I feel like the guy who gets onto the spaceship last just before the door closes, and it flies away, and the meteor crashes into the earth.

Interest rates are going up and the banks are behaving like complete idiots (i.e., taking zillions in cheap money from the taxpayers and then refusing to lend it). During 2011 they will drop the hammer on the huge backlog in foreclosures that accumulated during the "robo-signer" scandal.

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