The combination of the expiration of temporary foreclosure moratoriums, rising unemployment, and falling home prices all combined to drive foreclosure filings to a record high in March, according to RealtyTrac (see chart above). Filings surged 17.4% from 290,631 in February to 341,180 in March. On a year-over-year basis, filings are up a hefty 46.4%.
Home foreclosure filings hit record 341,180 in March
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Such a shame, the moratorium really helped few (if anyone) keep their home. And now, as the market gets hit with a new round of foreclosures, prices fall again. These types of delays just stretch out our recovery time!
Here in Honolulu both local papers had forclosures up 503% in march as a front page headline yesterday. You gotta love those numbers! I smell a fresh batch of PUTS just around the corner.
And what’s more of an impact Mike is the TYPE of forclosure. Look at the ratio of Jumbo’s now delinquent and actually on the books as ROI. It’s truely a staggering amount of money being lost!
Mike,
The residential real estate prices keep falling. Martin Weiss just 3 days ago advised to hedge falling home price by shorting it via SRS. So how is it possible that all real estate ETFs are moving quite in the opposite direction than they should be? The ultra-short SRS has lost more than 70% in just 5 last weeks and makes all-time low almost every day now despite all those less than encouraging news? Does it indicate that the market foresee that the Fed’s plan to buy as much as $1.25 trillion in agency mortgage- backed securities this year will work? What exactly the SRS ETF is pegged to?
Thank you.