just in in-tray
Let me get this straight....
Bloomberg reports:
"Arizona's foreclosure rate -- one in every 201 households received a filing in May -- was a 119 percent increase compared with May 2007 and ranked third in the U.S., RealtyTrac said.
Only Nevada, with one in every 118 households, and California, with one in every 183, had higher filing rates in May, the company said.
Metropolitan areas in California and Florida accounted for nine out of the top 10 metro foreclosure rates for the second month in a row, RealtyTrac said. Seven California metro areas were in the top 10:
Stockton, Merced, Modesto, Riverside-San Bernardino, Vallejo-Fairfield, Bakersfield and Sacramento.
Stockton's rate, one in every 75 households, was more than six times the national average, the company said. The Cape Coral-Fort Myers area, on Florida's Gulf Coast, had the second-highest metro foreclosure rate in May, with one in every 79 households.
``One of the big problems is the banks have been deluged and are way behind in actually doing the foreclosures,'' said Alan Nevin, chief economist with the California Building Industry Association in San Diego. Nevin said he's forecasting lower foreclosure rates in California starting in the last three months of the year.'
So what is implied is, on an annualized basis (using May's ratios): 10% of all Nevada homes will be foreclosed in the next 12 months. 8% of all California & Arizona homes will be foreclosed in the next 12 months. 16% of all Stockton, California homes will do so in the next 12 months. 15% of all Naples (Cape Coral-Fort Myers) homes will go under in the next year. Or is my math wrong?
And with ARM's resets coming? People really believe the Fed will raise rates in the next 6 months?
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