Friday, May 15, 2009

OK, foreclose it! In a few months! All over!

I haven't peeked into "Housing Kaboom" lately, but it appears that they're not starry-eyed "hope" people there just yet:

A near record number of homes entered the first stage of the foreclosure process last month in Riverside and San Bernardino counties after mortgage industry foreclosure moratoriums were lifted....

But economists expect the number of bank repossessions to burgeon in coming months as a new influx of defaulted mortgages proceeds to foreclosure.

The hope, of course, is that the moratorium period would have given people a bit of breathing room and temporarily stopped the negative vibes. When the moratorium was lifted, the presumed hope was that the economy would be better, and the damage wouldn't be as bad.

Time will tell.

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