Foreclosures STILL Rising. Told Ya So!

I hate to say I told you so.... but we warned you not to believe all the rosy news. Yes, a week and a half ago, I wrote that the headlines crowing about declining foreclosure filings, suggesting a light at the end of the tunnel, were misleading because many homeowners were in limbo waiting for lenders to decide whether they would eventually get a permanent mortgage modification. I said that I thought we'd see foreclosures actually rise again once many, if not most, of these distressed homeowners got turned down by their banks. Many of my colleagues at HousingWatch have warned the same.

Well, today's Wall Street Journal headline says it all: "Supply of Foreclosed Homes on the Rise Again."

And, why is that?