From USA Today:
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% from 223,233 properties in the year-ago period, according to RealtyTrac.
The current figure was 33.9% higher than the 333,731 properties in foreclosure in the second quarter.
There was one foreclosure filing for every 196 households in the nation during the most recent quarter, RealtyTrac said.
Showing posts with label foreclosure. Show all posts
Showing posts with label foreclosure. Show all posts
Thursday, November 01, 2007
Friday, September 07, 2007
RECORD FORECLOSURES REPORTED
Check out this chart that accompanies the story below for mortgage delinquency and foreclosure statistics for every state.
In Illinois there are 1.67 million mortgages listed with 5.09% past due and 1.05% more than 90 days so.
From USA Today:
With a warning that the worst is yet to come, the Mortgage Bankers Association said Thursday that lenders began foreclosure proceedings on a record number of homes this spring.
The turmoil in the mortgage market poses multiple threats, the MBA says. Foreclosures are likely to rise for at least another year. A bigger supply of homes in foreclosure would weaken prices in many areas. And people behind on loans will find it harder to refinance.
For all loan types, 5% of borrowers — nearly 2.5 million people — missed at least one payment last quarter. That's up from 4.4% in the same period last year.
The problems appear to be focused in seven states. Job losses in Michigan, Ohio and Indiana have depressed housing there. Those three states account for nearly 20% of the nation's homes in foreclosure.
And a rising number of defaults in four states — California, Nevada, Florida and Arizona — is largely why the U.S. delinquency rate is up. As home prices there fall, more people are in the upside-down position of owing more on their loans than their homes are worth.
California accounted for more than 17% of the subprime ARMs in the country and for more than 19% of the new foreclosures in the second quarter, the MBA says.
In Illinois there are 1.67 million mortgages listed with 5.09% past due and 1.05% more than 90 days so.
From USA Today:
With a warning that the worst is yet to come, the Mortgage Bankers Association said Thursday that lenders began foreclosure proceedings on a record number of homes this spring.
The turmoil in the mortgage market poses multiple threats, the MBA says. Foreclosures are likely to rise for at least another year. A bigger supply of homes in foreclosure would weaken prices in many areas. And people behind on loans will find it harder to refinance.
For all loan types, 5% of borrowers — nearly 2.5 million people — missed at least one payment last quarter. That's up from 4.4% in the same period last year.
The problems appear to be focused in seven states. Job losses in Michigan, Ohio and Indiana have depressed housing there. Those three states account for nearly 20% of the nation's homes in foreclosure.
And a rising number of defaults in four states — California, Nevada, Florida and Arizona — is largely why the U.S. delinquency rate is up. As home prices there fall, more people are in the upside-down position of owing more on their loans than their homes are worth.
California accounted for more than 17% of the subprime ARMs in the country and for more than 19% of the new foreclosures in the second quarter, the MBA says.
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