Mortgage news

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Friday, November 2, 2007

Foreclosures: Moving on up






November 02 2007 Money.CNN.com
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 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. Nevada had the highest foreclosure rate - one for every 61 households. California recorded the second-highest foreclosure rate with one filing for every 88 households.

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