It has become exceedingly clear that the U.S. economy has entered a crisis that is similar to what we experienced in 2008 and 2009, and a lot of people are really starting to freak out. For those that cannot see the stunning parallels between the Great Recession and what we are going through now, I don't know what to say to them. There are a lot of people out there that simply choose to believe whatever they want to believe no matter what the evidence indicates. In this case, all of the evidence is pointing in a single direction.

When foreclosure filings started to spike prior to the global financial crisis in 2008, that was a major red flag.

In October alone, there were 36,766 foreclosure filings -- the first step in the process, when a lender warns a borrower they're in default. That's up three percent from September and 19 percent from a year ago.

'Foreclosure activity continued its steady upward trend in October -- the eighth straight month of year-over-year increases,' said ATTOM CEO Rob Barber.

The rise is stirring uncomfortable memories of 2008, when a wave of foreclosures triggered the worst housing crash in modern US history.

Read the second paragraph in that quote again.

Foreclosure activity has increased for eight consecutive months.

That is what we call a trend.

Some of the markets that were once the hottest are now seeing the highest rates of foreclosure filings...

States with the worst foreclosure rates were Florida (one in every 1,829 housing units with a foreclosure filing), South Carolina (one in every 1,982), Illinois (one in every 2,570), Delaware (on in every 2,710), and Nevada (one in ever 2,747).