Whilst the stock market trouble may have abated for a time, the news from the housing market is as bad as ever, it is only a question of time before there is another credit crisis, and it will be worse than the current one. The housing market bubble bursting will feed through more and more over time into the rest of the economy and the world credit markets.
Read full story at link, first part extracted below.
American home foreclosures leap 93% in a year
Wednesday August 22, 2007
Nevada is bearing the brunt of the crumbling US housing market, with about one in every 200 households filing for foreclosure, a survey showed yesterday.
RealtyTrac, an online marketplace for repossessed properties, showed US home foreclosures jumped 9% in July from June, and 93% on a year ago.
The number of default notices and bank repossessions totalled 179,599. Across the US, there is now a foreclosure of one in every 693 homes.