 Foreclosures Setting the Agenda
Discussing the realty check of the ugly foreclosure data, with Robert Barbera, ITG; Eugene Peroni, Advisors Asset Management and CNBC’s Diana Olick.
Summary:Â RealtyTrac reports a record 303,000 foreclosures in the US in December, up 17% from November and 41% from 2007. They also reported that there were 2.3M total foreclosures for 2008, up 81% from 2007, and up 225% from boom peak in 2006, with 116,911 of them in Arizona.
Foreclosures are driving the agenda in Congress with the House Financial Services Committee looking at different options to stem the tide. On top of the orginal problems with mortgages higher unemployment will only make the foreclosure numbers increase.
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