Foreclosure hitting record highs

U.S. foreclosures rose to another record high in June according to RealtyTrac. One in 355 households, or about 360,000 homes, was in some form of foreclosure during the month. As I mentioned earlier, roughly one quarter of all mortgages are worth more than the present value of the homes they cover.

That’s not good for the average home price, down 15% last quarter to $174,100 (existing single-family home).
Well, at least troubled homeowners can count on the Fed to keeping pinning down refi rates‚ Uh-oh!

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