November 21, 2006 at 18:13:23

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HOUSING STARTS TUMBLE, FORECLOSURES SOAR / RECESSION DRAWS NEAR

By Allen L Roland (about the author)     Page 1 of 3 page(s)

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For OpEdNews: Allen L Roland - Writer

Home sales tumbled nationally by 12.7% in third quarter, 115,568 properties nationwide entered some stage of foreclosure during October, the most reported in any month so far this year and an increase of 42 percent from October 2005 ~ California reports highest number of foreclosures for second straight month ~ fasten your seat belts / Recession draws near: Allen L Roland

Fasten your seat belts, It's happening folks, third quarter home sales tumbled in 38 states ~ down 12.7 % from the same period a year ago. Nationwide foreclosures have increased 42% from October of last year.

As I predicted some time ago, it's just a matter of time before the bottom falls out of the housing market ~ even in California. Remember, the Fed no longer reports E3 money supply figures ~ and it's been pumping money, like air, into a real estate balloon that is about too burst ~ with tragic consequences for millions of Americans.

Here's the low down on foreclosures from RealtyTrac Inc followed by Mike Whitney's brilliant expose of Greenspan's free money policy where mortgage-debt in 2000 was a trifling $4.8 trillion while in 2006 it has skyrocketed to a whopping $9.3 trillion.

Read these two articles carefully ~ and be forewarned.

Allen L Roland http://blogs.salon.com/0002255/2006/11/21.html


FORECLOSURES HIT NEW HIGH IN OCTOBER

IRVINE
November 17, 2006 8:58am

http://www.centralvalleybusinesstimes.com/stories/001/?ID=3595


• Foreclosure filings increase 42 percent from 2005
• More than one million homes foreclosed this year


More homes went into foreclosure last month than in any month yet this year, according to figures compiled by RealtyTrac Inc. of Irvine, a foreclosure information company.

It says 115,568 properties nationwide entered some stage of foreclosure during October, the most reported in any month so far this year and an increase of 42 percent from October 2005.

The national foreclosure rate is now one new foreclosure filing for every 1,001 U.S. households, the highest monthly foreclosure rate reported so far this year.

California reports highest number of foreclosures for second straight month. More than 16,000 California properties entered some stage of foreclosure during October, the most of any state for the second straight month and an increase of more than 8 percent from the previous month.

The state's foreclosure rate of one new foreclosure filing for every 759 households rose to 1.3 times the national average and was 12th highest among the states. California foreclosure activity has more than tripled from a year ago, according to RealtyTrac.

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