It happened in the third quarter (July, August, September) in the United States:
Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.(CNN Money, emphasis added). The outcome of the concerted efforts to save the banks is still unknown, where the Fed sent trillions of dollars is still unknown because they are battling in the courts to not tell us.
"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.
The fact that the concerted government and lender-supported effort to stop the housing crisis resulted in "the worst three months of all time" is not encouraging either.
And everyone and their uncle has a theory about why the crisis happened. But the mystery is sexed up a bit too much by those trying to cover things up.
Certainly we do know that foreclosures happen because people can't make their house payment. And that happens because they lose their job or can't pay mounting bills, so something has to give.
But why it happens on a scale never before seen is something that takes "experts" to pull off. Obviously you and I can only cause our own disaster, but to break the all time record takes people in high places, not local yokels.
The theory advanced on this blog is that war produces nothing but destruction and disaster, but it costs more than anything else we do.
Two wars lasting a decade are going to cause ten years worth of wealth destruction, which will be taken from the middle class and poor, not from the rich.
One of the many proofs of that is that the poor and middle class people, for the first time in about 35 years, will not receive a COLA increase in Social Security payments. But the banks got the biggest "COLA" increase ever.
The middle class "wealth" goes up in smoke, public and private money is routed away from non-war business, and is funnelled into the small percentage of the economy that requires warbucks to survive. Other non-war businesses close, jobs are lost, then homes are lost.
Yes it takes the patriotic big banks, the patriotic fed, the patriotic "experts", and the militaristic, imperialistic government to make a really great, never-before-done disaster like this one.