Good News: US Foreclosures Jump, Housing Prices May Drop Another 20%, Loans in Foreclosure at Record Highs Into 2013

from theblogprof by The blogprof


Good News: US Foreclosures Jump, Housing Prices May Drop Another 20%, Loans in Foreclosure at Record Highs Into 2013: "The result of government meddling in the housing keeps reaping disaster. First, from CNBC via memeorandum: US Foreclosures Jump in Third Quarter: Regulators

U.S. home foreclosures jumped in the third quarter and banks' efforts to keep borrowers in their homes dropped as the housing market continues to struggle, U.S. bank regulators said on Wednesday.

...Newly initiated foreclosures increased to 382,000 in the third quarter, a 31.2 percent jump over the previous quarter and a 3.7 percent rise from a year ago, the Office of the Comptroller of the Currency and the Office of Thrift Supervision said in their quarterly mortgage report.

The number of foreclosures in process increased to 1.2 million, a 4.5 percent increase from the second quarter and a 10.1 percent increase from a year ago, according to the regulators.

And now the Business Insider: GARY SHILLING: And Now House Prices Will Now Drop Another 20%. Like now:

In October, Gary Shilling of A. Gary Shilling & Co., predicted that house prices would fall another 20%.

In the two months since, house prices have resumed their decline. Below, Gary outlines why he thinks the recent drops are just the beginning.

And it isn't looking like just a blip either. The sump may go another 3 years:

Let's just be reminded of why housing tanked, took the whole economy with it, and who's responsible:

UPDATE: Prepare for a Double Dip in Housing?

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