foreclosures not slowing down

[Rich Weese]

I'm on the record , as are many others, that 2010 will finish worse than 2009 and 2011 will be worse than 2010. Here are the updated totals from Realty Trac.
1. There were 93,000 new foreclosures in July.
2. July was 9% higher than June
3. July was 6% higher than July 2009
4. July was 8th month in a row that month was higher than same month the previous year.

I'm not sure what this all means, but I have some concerns. I've mentioned the "perfect storm" scenario before. If there are still all these problems out there, what happens if we have a serious deflation added on top. Will it cause other homeowners to select a "strtegic foreclosure" on their residence?
I just don't see an end to this anytime soon. I realize this is a local item, some areas are better than others. I still think the 4 models I'm building for my subdivision in So Tx is the right thing and right time. I'll know before end of year if I "guessed" correctly. Rich