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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Chispas who wrote (13190)10/9/2004 6:43:00 PM
From: mishedlo  Read Replies (2) of 116555
 
Foreclosures on the rise in Atlanta area:

msnbc.msn.com

"From January through Oct. 5... 30,407 homes in metro Atlanta's 13 core counties have faced foreclosure... That's up 19.4 percent from the 25,460 homes that faced foreclosure in the same 13 counties during the same period of 2003."

Note that this is for the whole year to date, including the first half of the year when the economy was supposedly booming. I wish we had some data on how the trend has been changing over the past 3 months.

"It's not mortgage debt that causes people to go into foreclosure," he said. "It's the high level of revolving credit debt -- credit cards. People are getting into trouble with revolving credit and that's affecting their ability to make their mortgage."

Revolving Interest rates have only recently started putting on the squeeze. We also have stagnant wages losing ground to inflation. When the rates on ARMs start rising, we'll really feel the heat.

Rasmus said 5 percent to 10 percent of the houses she gets in foreclosure to sell are a result of mortgage fraud, which the Federal Bureau of Investigation says is rampant across the United States.

The FBI announced Sept. 17 it had taken action against 205 people involved in financial institution fraud, which includes mortgage fraud.
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