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Headlines today in Minnesota media----home foreclosures up by 31% in Minnesota first quarter of 2010.
I don't think our economy has gotten worse.
I think banks were sitting on a lot of bad mortgages and trying to hold back so as not to flood the market.
Has this been the case in other places in the US ?
There was that report out from one of the mortgage analysis firms, or maybe it was realtytrac, a couple of weeks ago, about foreclosures rocketing up in the first quarter.
Dr. Housing Bubble covers (Southern) California mainly, and according to his research bank held inventory is huge here. All the problem areas (Cali, Arizona, Nevada, Florida etc.) have substantial bank owned inventories. Plenty of buzz going around from a wide variety of sources (take with a grain of salt) about banks ramping up foreclosure actions as well as going to be increasing inventory on the market.
BofA reported (at least, it was a high level VP in their mortgage/REO division) the week after their little announcement about principal reductions, that foreclosures for them would be ramping up from an average of 7,500 a month to over 60,000 a month by the end of the year.
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