Strong indicators for continued foreclosures:
The number of local (southeastern Virginia–ed.) home-owners who were “underwater” on their loans rose slightly to 80,150 at the end of March, according to CoreLogic, a Santa Ana, Calif.-based company that tracks mortgages nationwide. The number is up less than 1 percent from the roughly 79,500 who were underwater at the end of December.
The firm’s quarterly report said 22,967 more mortgages in the region will be underwater if home prices decline 5 percent from current levels.
Economists and real estate experts say that owing more on a home than it is worth is one of the most common precursors to foreclosure.
As Duncan frequently points out, our Galtian overlords have broken the economy and are not bothering to put it back together.
Rather, they’re off looking for the next bubblelicious con.