Foreclosures up 93 percent
Foreclosures
Since July, 2006, the number of foreclosures in the United States have increased by 93 percent, according to RealtyTrac’s July 2007 U.S. Foreclosure Market Report.
RealtyTrac’s July 2007 U.S. Foreclosure Market Report, which shows a total of 179,599 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, up 9 percent from the previous month and up 93 percent from July 2006. The report also shows a national foreclosure rate of one foreclosure filing for every 693 households for the month.
This is just the beginning of the number of foreclosures to come, according to analysts and forecasters. The sizable numbers of foreclosures seem to indicate that the housing boom of the last four or five years was built on subprime loans. Everyone is pointing the finger at the borrower who received a subprime loan for a home that was later foreclosed on, and saying things like, “they should not have been given a loan in the first place, because they could not afford it!. [Read more →]
