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More than 2.2 million foreclosure filings on nearly 1.3 million properties. A 75 percent increase in foreclosure activity from 2006. Those are the headlines from RealtyTrac’s 2007 year-end foreclosure report. But there’s more to the story. …(read more) More: continued here California cities are exploding to the top of the foreclosure list. Three cities with the highest foreclosure rates in the nation are Stockton,Ca., Detroit, Michigan, and Riverside-San Bernardino, Ca. Two (three, if you separate Riverside and San Bernardino), in California are at the top of the list. According to RealtyTrac.com, these cities had the highest foreclosure rates among the nation’s 100 largest metropolitan areas during the third quarter in their 2007 “Metropolitan Foreclosure Market Report”. California had seven cities in the top 25 metro foreclosure rates. James J. Saccacio, chief executive officer of RealtyTrac stated,
The breakdown of mortgage foreclosures  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.
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!. Continue reading Foreclosures up 93 percent California, Florida, Michigan, Ohio and Georgia together accounted for 55 percent of all U.S. foreclosure filings in July, according to the RealtyTrac U.S. Foreclosure Market Report released today. The foreclosure filings tracked in the report are default notices, auction notices and bank repossessions….(read more) More: continued here . . . → Read More: 5 States = 55% of July Foreclosure Pie More than 925,000 foreclosure filings were reported on more than 573,000 properties in the first half of 2007, according to the RealtyTrac Midyear 2007 U.S. Foreclosure Market Report, released today. The report marks the first time that RealtyTrac has included a count of unique property addresses in some stage of foreclosure. But whether you . . . → Read More: Two Counts Show Foreclosure Activity Rising Foreclosure is the process where the lender of a mortgage terminates the borrower’s interest in the property secured by the mortgage loan. It is a termination of all rights of the homeowner covered by a mortgage. Once the foreclosure process is completed, the lender becomes the absolute owner of the property. The trigger of . . . → Read More: What is Foreclosure |
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by household puts more reality on the numbers. As shown below, even if you are not in foreclosure on your home loan, you may have a friend, neighbor or relative somewhere in this nation, who is trying to