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Log inHouses facing foreclosure at twice the rate as in 2007
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Houses facing foreclosure at twice the rate as in 2007
by Outspoken on Wed Apr 30, 2008 5:02 am
Houses facing foreclosure at twice the rate as in 2007
The Associated Press
LOS ANGELES (AP) -- The number of U.S. homes heading toward foreclosure more than doubled in the first quarter from a year earlier, as weakening property values and tighter lending left many homeowners powerless to prevent homes from being auctioned to the highest bidder, a research firm said Monday.
Among the hardest hit states were Nevada, Florida and, in particular, California, where Stockton led the nation with a foreclosure rate that was 6.6 times the national average, Irvine, Calif.-based RealtyTrac Inc. said.
Nationwide, 649,917 homes received at least one foreclosure-related filing in the first three months of the year, up 112 percent from 306,722 during the same period last year, RealtyTrac said.
The latest tally also represents an increase of 23 percent from the fourth quarter of last year.
RealtyTrac monitors default notices, auction sale notices and bank repossessions.
All told, one in every 194 households received a foreclosure filing during the quarter. Foreclosure filings increased in all but four states.
The most recent quarter marked the seventh consecutive quarter of rising foreclosure activity, RealtyTrac noted.
"What would normally alleviate the foreclosure situation in a normal market is people starting to buy properties again," said Rick Sharga, RealtyTrac's vice president of marketing.
However, the unavailability of loans for people without perfect credit and a significant down payment is slowing the process, he said.
"It's a cycle that's going to be difficult to break, and we're certainly not at the breaking point just yet," Sharga added.
The surge in foreclosure filings also suggests that much-touted campaigns by lawmakers and the mortgage lending industry aimed at helping at-risk homeowners aren't paying off.
Hope Now, a Bush administration-organized mortgage industry group, said nearly 503,000 homeowners had received mortgage aid in the first quarter. Most of the aid was temporary, however.
Pennsylvania was a notable standout in the latest foreclosure data.
The number of homes in the state to receive a foreclosure-related filing plunged 24.4 percent from a year earlier.
http://morningsentinel.mainetoday.com/news/local/5014779.html
The Associated Press
LOS ANGELES (AP) -- The number of U.S. homes heading toward foreclosure more than doubled in the first quarter from a year earlier, as weakening property values and tighter lending left many homeowners powerless to prevent homes from being auctioned to the highest bidder, a research firm said Monday.
Among the hardest hit states were Nevada, Florida and, in particular, California, where Stockton led the nation with a foreclosure rate that was 6.6 times the national average, Irvine, Calif.-based RealtyTrac Inc. said.
Nationwide, 649,917 homes received at least one foreclosure-related filing in the first three months of the year, up 112 percent from 306,722 during the same period last year, RealtyTrac said.
The latest tally also represents an increase of 23 percent from the fourth quarter of last year.
RealtyTrac monitors default notices, auction sale notices and bank repossessions.
All told, one in every 194 households received a foreclosure filing during the quarter. Foreclosure filings increased in all but four states.
The most recent quarter marked the seventh consecutive quarter of rising foreclosure activity, RealtyTrac noted.
"What would normally alleviate the foreclosure situation in a normal market is people starting to buy properties again," said Rick Sharga, RealtyTrac's vice president of marketing.
However, the unavailability of loans for people without perfect credit and a significant down payment is slowing the process, he said.
"It's a cycle that's going to be difficult to break, and we're certainly not at the breaking point just yet," Sharga added.
The surge in foreclosure filings also suggests that much-touted campaigns by lawmakers and the mortgage lending industry aimed at helping at-risk homeowners aren't paying off.
Hope Now, a Bush administration-organized mortgage industry group, said nearly 503,000 homeowners had received mortgage aid in the first quarter. Most of the aid was temporary, however.
Pennsylvania was a notable standout in the latest foreclosure data.
The number of homes in the state to receive a foreclosure-related filing plunged 24.4 percent from a year earlier.
http://morningsentinel.mainetoday.com/news/local/5014779.html
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Plato (427-347 BC)
