According to a report by RealtyTrac, residential foreclosures rose 27% in the first quarter of 2007 when compared with the fourth quarter of 2006. And they are 35% higher than a year earlier.
Nationwide, there were more than 430,000 foreclosure filings. This works out to one foreclosure for every 264 hourseholds nationally.
Nevada earned the distinction of having the highest foreclosure rate in the nation. They came in with a whopping one foreclosure filing for every 75 households. Colorado came in second with one foreclosure filing per 111 households.
Experts predict that foreclosure rates will continue to climb as more and more adjustable rate mortgages reset to higher rates and make payments that cannot be met by many of these subprime borrowers who jumped into the home ownership market in the past few years.
Several consumer advocates predict that as many as 2.4 million homes purchased in the last several years will go into foreclosure proceedings in the next 24 months.
Post a Comment