Posted on 09/13/2006 7:31:40 AM PDT by Hydroshock
NEW YORK (CNNMoney.com) -- The number of homes entering into some stage of foreclosure is surging, according to a survey released Wednesday.
In August, 115,292 properties entered into foreclosure, according to RealtyTrac, an online marketplace for foreclosure sales. That was 24 percent above the level in July and 53 percent higher than a year earlier.
Where foreclosures are jumping Year over year gain in homes in foreclosure. Click for more stats on each state. Nevada: Up 255% California: Up 160% Florida: Up 62%
It was the second highest monthly foreclosure total of the year; in February, 117,151 properties entered foreclosure.
Some of the bellwether real estate market states are among the leading foreclosure markets. Florida, had more than 16,533 properties in foreclosure in August. That led all states and was 50 percent higher than in July and 62 percent higher than in August 2005.
California foreclosures are increasing at an even faster annual rate, up 160 percent since last year to 12,506. And the formerly red-hot Nevada market recorded a spike of 24 percent compared with July and a whopping 255 percent increase from August 2005.
Rick Sharga, RealtyTrac's vice president of marketing, says the rising foreclosure numbers are in part the result of rising monthly payments on adjustable-rate mortgages, which have a low introductory interest rate that heads higher after an initial period
(Excerpt) Read more at money.cnn.com ...
ping
Misleading statistics without real numbers. Foreclosures are what percent OF THE ENTIRE MARKET ???
50% more of 1% is still only 1.5%, for example.
The prcentages in the article illustrate precisely nothing.
hmmmm more homes bought, more home owners than ever and foreclosures rise ? who'd a thought....
That's not much for the vultures to feast on is it?
wow, foreclosures up 255% here in Nevada! I'm glad I waited to buy here.
With fixed rates going down, I wonder if there will be more lenders offering conversions rather than foreclosure.
Keep in mind this is a lagging indicator. I wonder what the numbers will be in 4-07.
Hopefully.
California foreclosures are increasing at an even faster annual rate, up 160 percent since last year . . . And the * * * Nevada market recorded a spike of 24 percent compared with July and a whopping 255 percent increase from August 2005.
And Q3 is not over yet. Wait until Q4. And Q1 of next year. In 2006 and 2007, $ 2 Trillion in ARM loans (and the dreaded option ARMs) will begin to reset at new interest rates. Millions of people will wake up and realize their mortgage payment will double. Or triple. Others will realize the unpaid balance is going up each month. With each passing quarter, more and more people will be faced with reality. Check my FR page to learn more.
"Nothing to see here. Lock you windows. Time to move on."
What was the foreclosure rate during the trough of the Great Depression?
You have been singing this song for almost 4 years now. And what, all you have is foreclosures coming up after record lows. Whoopie. You have been forecasting doom and gloom and have been shown to be full of crap time and time again.
I donot know, but I do remember a story my Grandfather told me, he was a kid in the great depression. Over half of the farms in his county were in the rears or foreclosed on at some point between 1930 and 1937. This is the reason my family left that part of TX in 1940 (it took them over 2 years to seel the farm) for the Houston area and started to work in the refineries.
I remember the scene from the movie 'Bonnie and Clyde' where the farmer had lost his farm and they helped elevate his mood by shooting out the windows of the house as he was leaving.
I am sure that happned more then once.
Possibly. People weren't so malicious then, even though the banks weren't any more beneficent then than now.
I read a book once in high school about a the depression. One story in it was a farmer who was foreclosed on set fire to his barn, out buildings, and his house as he was leaving.
Since you continue to post these threads on Freerepublic, you must feel strongly that a large percentage of those on this site are in imminent danger of losing their homes due to resetting ARM's, etc.
Do you honestly feel this is the case? Are you providing these articles as a service?
Frankly, I would very surprised to find that even 1% of those on this site are anywhere close to foreclosure and that those that do have ARM's can afford the higher payment if that should happen. That's just my opinion.
And no, I don't have an ARM...6.375% 30 Yr fixed (YAWN)...
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