Housing Market Still Sucks... What Else is New? ~ market folly

Tuesday, June 17, 2008

Housing Market Still Sucks... What Else is New?

In the spirit of my post below reminding everyone that we're still in a downtrend, I wanted to point out a post at The Big Picture by Barry Ritholtz. He posts up some staggering statistics taken from RealtyTrac, an aggregator of foreclosure data. In the month of May:

one in every 483 U.S. households received a foreclosure filing during the month of May. This is the highest monthly foreclosure rate since they began tracking foreclosures in January 2005.

And then accompany that info with the following chart. Obviously California, Nevada, Arizona, Colorado, and Florida continue to feel the pain. What's interesting to see is that the problems in Michigan seem to be slowly oozing into neighboring states Indiana and Ohio as well.

To everyone trying to call bottoms: give it a rest. The housing sector is accelerating to the downside. All you have to do is look at the data.