Foreclosures Up 97% From Last Year, But…

Here's the latest headline:

  Here's the fine print:  

Perspective?  Trying to figure that one out, but Realtytrac's data doesn't seem to go back far enough.  In other words, what is REALLY a scary foreclosure rate? 3%? 5%?  In my town, there's some areas with 1 in 10 houses in foreclosures and it's not falling into the earth.  It's not real pretty either.  However, a foreclosure rate of 1-2% seems pretty harmless overall, am I missing something?  Sure, if you are vested in a fund with 50% subprime loans, you'd got a little more pain.  But does a 2% vs. 1% foreclosure rate really bring down the whole thing?   Would love to know what the foreclosure rate was in the last three booms and busts as a matter of comparison, wouldn't you?  If someone can find reliable data, please comment!