Foreclosures Increase 68% From Last Year
SOURCE: USA TODAY
There were over 200,000 foreclosure filings for the month of November alone.
Even though there was one foreclosure filed for every 617 households last month, it was 10% less than in the month of October. This isn't all good news as the decline is most likely due to a lull in the rests of adjustable rate mortgages.
There will be another adjustable mortgage reset that takes place in May and June, so there will likely be another wave of foreclosures because homeowners are unable to make their payments at the higher interest rate. Approximately 2 million mortgages are to be reset at higher rates in the next seven months.
Read full report »
There were over 200,000 foreclosure filings for the month of November alone.
Even though there was one foreclosure filed for every 617 households last month, it was 10% less than in the month of October. This isn't all good news as the decline is most likely due to a lull in the rests of adjustable rate mortgages.
There will be another adjustable mortgage reset that takes place in May and June, so there will likely be another wave of foreclosures because homeowners are unable to make their payments at the higher interest rate. Approximately 2 million mortgages are to be reset at higher rates in the next seven months.
Read full report »
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