Nationally, First American reported 6.5% of mortgages were in default in May, up from 4% in May 2008.
The national repossession rate was 0.7% in May, up from 0.6% in May 2007.
Pent Up Foreclosures - measures the difference between foreclosures completed versus defaults. This gap is widening as a result of government intervention. ... If they do not ACCELERATE the foreclosure process and release some of the pressure now, the consequences will be disastrous.
The foreclosures are coming. The foreclosures are coming!
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