Hat tip to John Logan from Canton, Michigan for sending this interesting quoate from a newsletter:

" Banks are taking back homes almost faster than they can finance them.
In December 2005, 81,290 properties across America entered some stage of
foreclosure. That's a 13.5% surge from the previous month – and the
highest for the year.

The so-called hottest markets for real estate were also the most gruesome.
Texas' December foreclosures took the dubious distinction of the highest
anywhere – a 61% jump. Nevada and Utah, whose markets were even hotter
than their summers, saw a 30% increase in December foreclosures. And in
sunny California, 27% more people had to file for foreclosures around the
holiday gift-giving season than in November."

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