U.S. banks may be in trouble, but they’re not too busy bailing red ink out of their yachts to stop foreclosing on your home — and yours and yours and yours and yours . . .
Hot off the server, Bob Ivry of Bloomberg News reports:
One in every 483 U.S. households either lost the home to foreclosure, received a default notice or was warned of a pending auction, RealtyTrac said. That was the highest rate since the Irvine, California-based company began reporting in January 2005 and the 29th consecutive month of year-over-year increases. Nevada, California and Arizona posted the highest rates in the U.S. and New Jersey entered the top 10.
Get ready for another sales boom, but you won’t like the sound it’ll make. Here’s the twisted scenario that’s already starting to happen:
Oh, boy! There’ll be lots of homes on the market. Of course, some of them will the ones you just got kicked out of.
Hmm, maybe a war would help juice up the economy. Shit, we’ve already got one.