Thursday, October 23, 2008

Bloomberg.com: foreclosures jump

The article says Americans living paycheck to paycheck could be at greater risk. Who in America isn't living paycheck to paycheck?

States passed legislation to lengthen the notice required to homeowners who default on their mortgages. So, actual foreclosures fell while the pipeline filled with notices. This month the first foreclosures affected by the laws are being processed. As a result, there is a big jump, and more to come. At least the states have more visibility into impending foreclosure rates.

http://www.bloomberg.com/apps/news?pid=2065100&sid=aR9OGpC4jjao

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