The US has hit a need velocity in foreclosure rates.  There are currently 1 million homes in the que going through the foreclosure process.  This is not a reference to total foreclosures since the housing crisis. This is just the current homes pending foreclosure.

This is definitely a dubious milestone in the housing and mortgage crisis and one that is going slightly unnoticed while Oil is spiking close to $140 a barrel with predictions of hitting $150 before the Fourth of July.

If gas rates hit $5 or $6 per gallon this summer, it sure will not help any of the unfortunate homeowners trying to save their homes from foreclosure. It won’t even help the banks trying to minimize their losses, and it definitely won’t help banks offer new loans to people to buy homes and help the market actually begin to hear.

There was a time when it appeared that the mortgage crisis might abate and markets could recover within a year or two. We are now coming up on what some would consider the one year mark, things are rapidly getting more desperate and the solutions put forward so far . Possibly even more troubling could even be the number of people that are beginning to give up on entering or staying in the housing market. With potential homeowners actually leaving the marketplace and opting to rent instead, the housing market will continue to contract faster than waistlines trying to determine the answer to the question does Hydroxycut work.

This entry was posted on Sunday, June 8th, 2008 at 11:02 pm and is filed under Mortgage Industry, foreclosure, mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.