http://money.cnn.com/2008/12/05/news/economy/mortgage_delinquencies/index.htm?postversion=2008120512
1.3 million homes foreclosed on for just the 3rd quarter of 2008.
That's just for a 3 month time period across this country in 2008 and things have gotten much worse since then.
Now multiply that by 7 more quarters until now.
That's over 8 million homes and it doesn't even count the earlier foreclosures of 2007.
The records don't show that figure yet because the banks are holding off from foreclosing. To much product makes for a low price, and they got to get a floor under so that they can start to jack it up again.
It's a cycle the financial world plays and we're the butt end of it's joke.
We always pay for it in the end.
This present is a twin for the depressions past.
It was made up out of the same DNA banking strain that was used to create the Great Depression.
NEW YORK (CNNMoney.com) -- A record 1.35 million homes were in foreclosure in the third quarter, driving the foreclosure rate up to 2.97%, the Mortgage Bankers Association said Friday.
That's a 76% increase from a year ago, according to the group's National Delinquency Survey.
