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Foreclosures spiked in August

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NVMojo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-21-06 10:56 AM
Original message
Foreclosures spiked in August
NEW YORK (CNNMoney.com) -- With real estate markets slowing and mortgage rates well above levels of recent years, times are getting tougher for homeowners - the number of homes entering into some stage of foreclosure is surging, according to a survey released Wednesday.

In August, 115,292 properties entered into foreclosure, according to RealtyTrac, an online marketplace for foreclosure sales. That was 24 percent above the level in July and 53 percent higher than a year earlier.

It was the second highest monthly foreclosure total of the year; in February, 117,151 properties entered foreclosure.

Some of the bellwether real estate market states are among the leading foreclosure markets. Florida, had more than 16,533 properties in foreclosure in August. That led all states and was 50 percent higher than in July and 62 percent higher than in August 2005.

more...

http://money.cnn.com/2006/09/13/real_estate/foreclosure...

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snappyturtle Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-21-06 11:07 AM
Response to Original message
1. Foreclosures........then there's those people lucky
enough to sell---below market,the owe at closing types......all goes in one direction....down the tubes! BUT, we shouldn't worry president* says everything is Great, and Strong and with potential regarding the economy. :sarcasm:
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Virginia Dare Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-21-06 11:09 AM
Response to Original message
2. Tip of the iceberg...
when the bubble bursts, it will take a lot of people with it.
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physioex Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-21-06 11:19 AM
Response to Reply #2
3. I worry of a long term steady decline....
It would be absolutely devastating.
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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-21-06 11:29 AM
Response to Reply #3
4. Yes, especially if lending institutions start getting nervous
about people who are still paying the monthly tab but who are in a negative equity situation, owing more than their house is appraised for, especially if they're also carrying credit card debt.

Banks may very well complicate things.

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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-21-06 12:36 PM
Response to Original message
5. OH...
what a suprise. :sarcasm: But our economy is doing so well :sarcasm: :sarcasm:
It's not a good economy until most of the boats are floating.
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