Foreclosures spike 112% - no end in sight

[marmar]

from CNN:



Foreclosures spike 112% - no end in sight
More than 155,000 families have lost their homes to foreclosure this year; one out of every 194 U.S. households received a foreclosure filing.

By Les Christie, CNNMoney.com staff writer
Last Updated: April 29, 2008: 9:09 AM EDT



NEW YORK (CNNMoney.com) -- Foreclosure filings in the first three months of 2008 rose more than 112% over last year, according to a study released Tuesday.

Real estate information firm RealtyTrac reported that nearly 650,000 foreclosure filings - which include notices of default, auction sales and bank repossessions - were issued in the first quarter. That represents 1 of every 194 households and marks a 23% increase from the last quarter of 2007.

So far this year 156,463 families have lost their homes to repossessions.

"Foreclosure activity hasn't slowed down yet," said Rick Sharga, spokesman for RealtyTrac. "But I was a little surprised that foreclosure filings more than doubled since last year."

Foreclosures increased in 46 states and in 90 of the nation's 100 largest metro areas. Some regions that had been only marginally hurt by the mortgage meltdown recorded large increases in filings. In Connecticut, for instance, filings tripled compared with the first three months of 2007. Massachusetts recorded a 260% increase.

Nevada: Hardest hit

The worst hit states are still clustered in the Southwest; Nevada, California and Arizona lead the nation in foreclosure filings. Prices ran up rapidly in these areas during the bubble years as speculators snapped up single-family homes and condos as investments.

In the first quarter, 1 of every 54 homes in Nevada received some type of foreclosure filing - more than any other state. Its largest city, Las Vegas, had 1 out of every 44 homes go into foreclosure.

Stockton, Calif., had the highest foreclosure rate out of any U.S. metro area, with 1 out of every 30 homes receiving a notice - nearly seven times higher than the national average. The Riverside/San Bernardino region had the second highest rate in the quarter, with one of every 38 homes in default. .......(more)

The complete piece is at: http://money.cnn.com/2008/04/29/real_estate/foreclosures_still_rising/index.htm

[flvegan]

1. Of course it hasn't slowed. Lenders are still incredibly STUPID.

I missed the memo where lenders desired to be in the real estate business as opposed to the lending business.

It's called default resolution you fucking morons.

[cliss]

2. This figure is low.

This doesn't match with other figures I've looked at. According to other estimates, the number of families facing foreclosure is closer to 1 million. At least.

We don't know for sure because of the timing of events. Either way, it's a catastrophe.

~wow, there's somenoe asleep at the wheel ~
"I was a little surprised that foreclosure filings more than doubled since last year."
What on earth does this man do all day, besides sleep at his desk. The news has been out for almost 1 year that this was coming.