CNN is reporting that RealtyTrac says foreclosures were up another 9 percent in July over June and up 93% over the same month last year. They originally predicted a 33% increase over last year in foreclosures for the year, but have now raised that forecast to 60%.
But more ominous is this story from msnbc.com. Congress is looking at bailing out homeowners and lenders. Right now, it seems most of the possible action seems to be related to modifying the rules of Fannie Mae and Freddie Mac to allow them greater flexibility in the types of loans they can insure. I don't know about you, but I get nervous whenever the government decides to step in and "fix" a problem.
And in other mortgage related moves, there is this story that says Warren Buffett is considering buying part of Countrywide's mortgage business. Buffett has a pretty good track record at picking up good companies and discounted prices..