Mortgage foreclosures climb steeply
Mortgage foreclosures climb steeplyBy Darla Mercado June 13, 2007
U.S. foreclosure filings have spiked 90% in the last year and have risen 19% between April and May alone.
Last month saw a total of 176,137 foreclosure filings, which cover default notices, auction sale notices and bank repossessions, according to online mortgage marketplace RealtyTrac of Irvine, Calif. That’s up 19% from April.
This translates to a national foreclosure rate of one filing for every 656 U.S. households.
California had the most foreclosure filings, reporting 39,659 during May, while Florida came in second with 21,704.
The news may not be so bad if you’re looking to buy a house cheap.
“Such strong activity in the midst of the typical spring buying season could foreshadow even higher foreclosure levels later in the year,” said James J. Saccacio, CEO of RealtyTrac.
“Foreclosed properties are becoming more commonplace and adding to the downward pressure on home prices in many areas,” he added.
Source: Investment News
0 Comments:
Post a Comment
<< Home