I was out for my morning constitutional in Pico-Robertson. The day was warm. I enjoyed moving.
I was reading the Drudge Report on my smart phone.
It reloaded and I noticed the top story had changed. It was about the astronomically high rate of foreclosures.
MSNBC reports: Sales of homes in some stage of foreclosure declined in the first three months of the year, but they still accounted for 28 percent of all home sales — a share nearly six times higher than what it would be in a healthy housing market.
Foreclosure sales, which include homes purchased after they received a notice of default or were repossessed by lenders, hit the highest share of overall sales in a year during the first quarter, foreclosure listing firm RealtyTrac Inc. said Thursday.
“It’s an astronomically high number,” said Rick Sharga, a senior vice president at RealtyTrac. “In a normal market, you’re looking at the percentage of homes sold in foreclosure to be below 5 percent.”