Foreclosures rise 120%

Mortage meltdown is still on going with banks in trouble. Foreclosure figures up again as rates have risen 120% and things are getting worse as the engine of the economy slows down. Not only are more houses for sales, but the number of qualified buyers is dropping as banks tighten lending. This perfect storm is going to rip apart the markets.

Last year a realtor told me that he had for sale hundreds of lots, this year thousands of lots, but no real buyers because people are not building new homes. The only buyers are speculators who are betting that property prices will rebound. Well, that may be a long way off.