Last August, I wrote a story for AOL/Daily Finance titled Housing bottom premature. The clue? Foreclosure pipeline full. The backlog of distressed mortgages has only grown larger since then.
As Mish noted, Foreclosure activity hit a record in the first quarter of 2010.
According to realtytrac.com, foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 932,234 properties in the first quarter, a 7 percent increase from the previous quarter and a 16 percent increase from the first quarter of 2009.
Meanwhile, the heavily hyped Federal program to stave off defaults via massaging the terms of mortgages is failing spectacularly: Defaults Rise in Loan Modification Program. (more)
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