1 in 11 homes in some state of foreclosure

[Michael Shadow]

Did you guys see this article?

http://www.cnn.com/2008/US/06/11/beck.foreclosures/index.html

If they are right about 1 in 11 homes in some state of foreclosure then that means on my short stint to the highway that I pass at least 3 homes that are in some state of foreclosure. Or perhaps it's 2 since one went REO 1.5 years ago and someone bought it this spring.

I can't even wrap my mind around a foreclosure rate that is that high.

What are your thoughts?

-Michael