256 comments on DrumBeat: February 26, 2008
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256 comments on DrumBeat: February 26, 2008
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Although 2007 saw foreclosures reach historic levels, the trouble began in 2006, when foreclosures were up 42 percent compared with 2005.
Just remember that we were starting from a very low level; lenders didn't need to foreclose when there were lots of buyers out there. Any increase from zero is substantial, on a percentage basis.
I would even go so far as to say it began a year earlier than that. The peak of the housing market occurred in July/August 2005. Incidently(?, NOT) coincident with a nasty surge in crude.
It was like watching dominoes after that as first investors bailed from properties, unsold inventories bulged and homebuilders slowed.
It took a while to hit the banks, but nope, not immune...