Daily Real Estate News April 15, 2008
Foreclosures Up 57% Since March 2007
Foreclosure filings continue to increase, up 5 percent in March over February, and up 57 percent from March 2007. This includes default notices, auction sale notices, and bank repossessions. "What we're really looking at is ongoing fallout from people overextending themselves to buy homes they couldn't afford and using highly toxic loan products to get into the houses in the first place," Rick Sharga, vice president of marketing at RealtyTrac, an online publisher of foreclosure data.Sharga predicts a record number of foreclosures in the third or fourth quarter of this year, reflecting a round of rate increases on subprime mortgages in May and June.Nevada, California and Florida posted the highest rate of foreclosure filings in March, followed by Arizona, Colorado, Georgia, Ohio, Michigan, Massachusetts, and Maryland.California, Florida, and Ohio report the highest actual number of foreclosures. Other states in the top 10 for total properties with filings are Texas, Georgia, Michigan, Arizona, Illinois, Nevada and Colorado.Source: Reuters News, Lynn Adler, and RealtyTrac (04/15/2008)Browse all of today's news
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