Thursday, November 01, 2007

Foreclosures Just Keep On Rising

Foreclosure filings rise with more on the horizon as interest rates jump on a record number of adjustable mortgages.
Foreclosure filings climbed during the third quarter of 2007 with no relief in sight, according to a report released Thursday.

The report by RealtyTrac, an online marketer of foreclosure properties, showed the number of filings rose 30 percent from the previous quarter and nearly doubled from a year earlier.

"Given the number of loans due to reset through the middle of 2008, and the continuing weakness in home sales, we would expect foreclosure activity to remain high and even increase over the next year in many markets," James J. Saccacio, chief executive of RealtyTrac said in a statement.

More than 635,000 foreclosure filings were reported nationwide - one for every 196 households. The filings include everything from default notices to auction sale notices to actual bank repossessions.

"August and September were the two highest monthly foreclosure filing totals we've seen since we began issuing our report in January 2005," said Saccacio.
There is not much to add to such a bleak housing picture except that the housing situation and the coming recession is the worst possible news for the Republican party. They have driven the economy into the ground and the American people are finally waking up and realizing that. They will be severely punished at the ballot box in 2008 and it could not happen to a nicer bunch of fools.

1 comment:

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