By ALEX VEIGA,
AP
Posted: 2007-11-01 14:37:28
LOS ANGELES (Oct. 31) - A soaring number of U.S. homeowners struggled to make mortgage payments in the third quarter, with properties in some stage of foreclosure more than doubling from the same time last year, a mortgage data company said Thursday.
A total of 446,726 homes nationwide were targeted by some sort of foreclosure activity from July to September, up 100.1 percent from 223,233 properties in the year-ago period, according to Irvine-based RealtyTrac Inc.
The current figure was 33.9 percent higher than the 333,731 properties in foreclosure in the second quarter of this year.
There was one foreclosure filing for every 196 households in the nation during the most recent quarter, RealtyTrac said.
All but five states reported a year-over-year increase in foreclosure filings, which include notices of default, auction sale notices or bank repossessions, the company said.
A single property can sometimes receive more than one notice in a three-month period.
In all, 635,159 filings were reported in the third quarter, up 99.5 percent from the year-ago quarter and up 30 percent from the second quarter of this year.
RealtyTrac CEO James J. Saccacio said in a statement that August and September accounted for the highest monthly totals since the company began issuing foreclosure filing reports in January 2005.
"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," he said.
Mortgage lenders are bracing for a flood of defaults as many adjustable-rate mortgages originated in 2005 and 2006 during the height of the housing market frenzy reset to higher interest rates.
The loans were initially attractive options for buyers because of their cheaper "teaser" interest rates that kept monthly payments low, but even a small percentage increase can translate into a far higher payment.
With home sales in decline and prices down or flat in many regions, more homeowners are landing in foreclosure because they can't afford to sell their homes after falling behind on payments.
The three states with the highest foreclosure rates during the third quarter were Nevada, California and Florida, RealtyTrac said.
Nevada reported one foreclosure filing for every 61 households, with 16,817 filings on 12,982 properties.
That marked a 22.8 percent increase in filings from the previous quarter and a tripling from the year-ago quarter.
California led the nation in total foreclosure filings and reported one filing for every 88 households.
The state had 148,147 filings on 94,772 properties, an increase in filings of 36 percent from the previous quarter and nearly four times more than the year-ago period.
In Florida, there were 86,465 foreclosure filings on 60,992 properties during the third quarter, RealtyTrac said. Foreclosure filings rose 51.5 percent from the previous quarter and more than doubled from the same quarter last year.
Florida's foreclosure rate amounted to one filing for every 95 households, RealtyTrac said.
Rounding out the top 10 states in foreclosure rates were Michigan, Ohio, Colorado, Arizona, Georgia, Indiana and Texas.
On the Net:
RealtyTrac Inc.: http://www.realtytrac.com
id like to give a big shout-out to the unethical mortgage brokers out there who made this possible, by giving people loans knowing full well their rates would shoot up sooner or later and they would not be able to afford the payments...and their lack of full disclosure to the client in the name of the all-mighty dollar...
 |
Welcome to the NightClubCity.com: New York Nightlife Guide, New York Nightclubs.
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
+ Reply to Thread
Results 1 to 13 of 13
-
11-02-2007 10:41 AM #1Greatest Of All-Time
- Join Date
- Aug 2007
- Location
- NYC
- Total Posts
- 7,259
Foreclosure Filings Soar 100 Percent
-
11-02-2007 11:32 AM #2Chief Executive Ruler
- Join Date
- May 2005
- Location
- Long Island
- Age
- 31
- Total Posts
- 2,275
Anybody Interested In Foreclosure's Pm For A List..
Tri State Area Some Florida All With 100-150k Worth Of Equity
-
11-02-2007 11:33 AM #3Registered User
- Join Date
- Nov 2003
- Location
- DIRTY JERZ
- Age
- 33
- Total Posts
- 2,337
these numbers are going to keep going up to
What dont Kill You Can Only Make You Stonger And The Family And Friends That Remind You That Are Luved And That Everything Is Going To Be Alright Is What Reminds You That Everything Will Be Just Fine And Nothing Can Stand In Your Way
-
11-02-2007 11:40 AM #4jet setter
- Join Date
- Jan 2003
- Location
- Lower East Side
- Age
- 30
- Total Posts
- 38,409
my former coworker and i were going through foreclosures on craiglist this morning lol....it was crazy to see the awesome spacces you can buy in miami beach for 200k
Admiration - n. Our polite recognition of another's resemblance to ourselves. -Ambrose Bierce
-
11-02-2007 01:25 PM #5Greatest Of All-Time
- Join Date
- Aug 2007
- Location
- NYC
- Total Posts
- 7,259
link me son, you know my sn...just add @ aol.com on the end of it...
Originally Posted by just jess
thanx cubana
-
11-02-2007 02:09 PM #6jet setter
- Join Date
- Jan 2003
- Location
- Lower East Side
- Age
- 30
- Total Posts
- 38,409
do a search on craigslist son! lol we were browsing it during a conference session this morning on his PC i dont have the link now
Admiration - n. Our polite recognition of another's resemblance to ourselves. -Ambrose Bierce
-
11-02-2007 02:11 PM #7RX Music Man
- Join Date
- Jan 2000
- Location
- New York City
- Age
- 33
- Total Posts
- 7,680
Originally Posted by just jess
is there a specific section just for forclosures? Or you just did a search in the Real Estate For Sale section?www.rxmusicgroup.com
Your prescription for the dancefloor!
Coming May 2008!!
www.emu.org
Get involved
-
11-02-2007 02:25 PM #8Registered User
- Join Date
- Jul 2003
- Location
- Upper West Side
- Total Posts
- 11,440
Originally Posted by poppa pri
I am getting somewhere here....lol
We went from mortgage brokers to unethical mortgage brokers. I appreciate not gropuping everyone together. I have a horrible foreclosure story, and will post about it later.
-
11-02-2007 02:27 PM #9Registered User
- Join Date
- Jul 2003
- Location
- Upper West Side
- Total Posts
- 11,440
What criagslist adds will not tell you is that there could be a family of 87 people living in the house. You buy them when you get the property too....lol Originally Posted by Aztec
-
11-02-2007 02:28 PM #10Registered User
- Join Date
- Jul 2003
- Location
- Upper West Side
- Total Posts
- 11,440
Alot of people to blame.
Banks
Loan Officers
General Public
It is terrible, and it is very sad.
-
11-02-2007 02:31 PM #11Greatest Of All-Time
- Join Date
- Aug 2007
- Location
- NYC
- Total Posts
- 7,259
lol i wasnt initally calling you out as unethical but i only did so when you defended everyone as a whole... Originally Posted by RICKY
i told you, i have tons of friends in the business...a majority of them are by the book and do the right things...but their are a few who i learned of the shady scumbag shit they did and i no longer acquaint myself with them...plus i know a few people who are in dire straits right now and its tragic...
-
11-02-2007 03:19 PM #12jet setter
- Join Date
- Jan 2003
- Location
- Lower East Side
- Age
- 30
- Total Posts
- 38,409
regular for sale section Originally Posted by Aztec
then type in forclosure in the keyword line and search
a lot of them are pre-foreclosuresAdmiration - n. Our polite recognition of another's resemblance to ourselves. -Ambrose Bierce
-
11-02-2007 03:26 PM #13Registered User
- Join Date
- Jul 2003
- Location
- Staten Island
- Age
- 32
- Total Posts
- 25,044
weren't they up close to or over 200% recently after the whole subprime thing.
Signature Here X_______________________________________
Reply With Quote
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts