August Foreclosure Filings More Than Double Versus 2006
I saw an interesting and stunning article today on FOXNews.com by the Associated Press. It reported that nationally, the number of foreclosure filings last month have more than doubled since August of last year.
The most amazing figure was what came next, that the number of foreclosure filings has increased 36% from LAST MONTH! This is an incredible jump. All indications are saying it will get worse before it gets better, especially after more and more subprime and adjustable rate loans start to reset to market interest rates this year and next.
Arizona is among the top 10 states with the highest foreclosure rates, ranking #7.
Speaking of the RealtyTrac, Inc. real estate tracking company, the article stated "August's (2007) total represents the highest number of foreclosure filings reported in a single month since the company began tracking monthly filings two years ago."
"Lagging home sales and flat or decreasing home prices have also left homeowners unable to make their mortgage payments hard-pressed to find buyers." Many of these houses wind up going back to the banks at auction, since often the opening bid (typically what the foreclosing mortgage company is owed) is more than what the property is worth. No one bids and then the property becomes the bank's (REO or real-estate owned).
If you'd like to read the whole article, it's here:
August Foreclosure Filings More Than Double Versus '06
The most amazing figure was what came next, that the number of foreclosure filings has increased 36% from LAST MONTH! This is an incredible jump. All indications are saying it will get worse before it gets better, especially after more and more subprime and adjustable rate loans start to reset to market interest rates this year and next.
Arizona is among the top 10 states with the highest foreclosure rates, ranking #7.
Speaking of the RealtyTrac, Inc. real estate tracking company, the article stated "August's (2007) total represents the highest number of foreclosure filings reported in a single month since the company began tracking monthly filings two years ago."
"Lagging home sales and flat or decreasing home prices have also left homeowners unable to make their mortgage payments hard-pressed to find buyers." Many of these houses wind up going back to the banks at auction, since often the opening bid (typically what the foreclosing mortgage company is owed) is more than what the property is worth. No one bids and then the property becomes the bank's (REO or real-estate owned).
If you'd like to read the whole article, it's here:
August Foreclosure Filings More Than Double Versus '06
posted by Bruce Voris at 3:35 PM
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