Foreclosures spiked in August

[NVMojo]

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/foreclosures_spiking/index.htm

[snappyturtle]

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:

[Virginia Dare]

2. Tip of the iceberg...

when the bubble bursts, it will take a lot of people with it.

[physioex]

3. I worry of a long term steady decline....

It would be absolutely devastating.

[Warpy]

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.

[AnneD]

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.