ace, none of the above matters if a massive, unrelenting stream of foreclosure sales competes with homeowner "offerings", and the glut of builders still rising inventories, month after month.....VALUATION will fall, then plummet, turning the ATM cash out refi, into a "cash back in", "re-pay", and then a "walk away". This will feed on itself, just as the uptrend in valuation, to bubble level did, fed by huge amounts of liquidity, advanced to unqualified mortgage applicants, "at the top" of the bubble, for the last several years.
To believe otherwise, is to believe in fairy tales, IMO:
"only the beginning....only just the start-" .....Chicago
Quote:
http://www.marketwatch.com/news/stor...7F291784CE9%7D
Foreclosures up 47% year-on-year in March: RealtyTrac
By Rex Nutting
Last Update: 9:11 AM ET Apr 18, 2007
WASHINGTON (MarketWatch) -- U.S. foreclosure filings increased 7% in March from February's levels and were up 47% from a year ago, according to RealtyTrac, an online real estate database. Nationally, there was one foreclosure filings for every 775 households. Five states -- California, Florida, Texas, Michigan and Ohio -- accounted for half the nation's total in March. In California, foreclosure filings increased 36% from February and were up 183% compared with a year ago. <b>Nevada had the highest foreclosure rate at one in every 183 households</b>, followed by Colorado. Six of the top 10 cities were in California, led by Stockton. The data include default notices, auction sale notices and bank repossessions
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