Tuesday, September 18, 2007

Article/News Bit of the Week

This week the economy is the focus.

Although the Fed cut interest rates today to cheers and applause on Wall St, another statistic came out today that seems to reinforce the idea that the real estate market is not looking that pretty now.

This article: U.S. home foreclosures soared in August - talks about the terrible month of August - for the Real Estate industry anyway.

243,947 homes went on the chopping block in one month! That's a 115% increase in the number of foreclosures from last year.

The sad thing is that August isn't even supposed be the worst month of the subprime debacle. October, is when the majority of those nasty adjustable rate mortgages are set to reset.

To be honest, it doesn't feel too bad to be a 'renter' right now....

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