CHESSNOID

This graph is from Countrywide Foreclosure Blog and shows the total number of foreclosures just from this one company.

If you look at that graph, it is skyrocketing.  I believe before the Bankof America merger (a federal reserve back room bailout deal) had them not processing the actual NOD’s to cook their books.

Would BofA have bought all these bad loans from the largest mortgage lender ready to go bust.  I don’t think so.

According to Money.CNN: Foreclosure filings spike 71%

NEW YORK (CNNMoney.com) — The housing crisis still has a choke hold on America: In September, 81,312 homes were lost to foreclosure, according to a report released Thursday.

RealtyTrac, an online marketer of foreclosed properties, said that 851,000 homes have been repossessed by lenders since August 2007.

In September, 265,968 troubled borrowers received foreclosure filings – such as default notices, auction sale notices and bank repossessions. That’s a decline of 12% from the record high number of filings in August, but 21% more than in September 2007.

All told 765,558 foreclosure filings were made on U.S. properties in the third quarter of this year – up 3% from the second quarter and 71% from the same period last year.

“We have never seen a foreclosure cycle like this one before,” said Rick Sharga, Realty Trac senior vice president. Other periods of elevated foreclosure rates have been preceded by signs of economic weakness. However, “in this cycle, we have foreclosure problems that have caused an economic downturn.”

This all comes back in trying to figure out the bottom of the real estate market which may coincide with the US economy’s recovery. So far none of the bailouts have dealt with the real issues of our recession. They really shouldn’t give our tax money to private companies that are failing and about to go bankrupt.