IRVINE, Calif., April 15, 2008
U.S. Home Foreclosures Soar In March
Resetting Of Adjustable Rate Loans Expected To Propel Foreclosure Numbers During The Year
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(AP / file)
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News Tools Foreclosure Rates A state-by-state look at foreclosure rates, which were up 81 percent nationwide in 2008.
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Timeline Credit Crunch Feeling the squeeze? Here's a look at actions and statements from key players in Washington.
And the worst isn't over: the wave of adjustable-rate loans resetting to higher rates will crest in May and June. And that's expected to push more homeowners into default and foreclosure in the third and fourth quarters of this year, according to RealtyTrac Inc. of Irvine, Calif.
“Once we're through that batch of loans, the worst will have been worked through the system,” said Rick Sharga, RealtyTrac's vice president of marketing.
The number of U.S. homes receiving at least one foreclosure filing jumped 57 percent in March to 234,685, compared with 149,150 properties a year earlier. Filings include default notices, auction sale notices and bank repossessions.
The overall foreclosure rate is 5 percent higher than in February, which saw an unexpected month-to-month decline over January. March marked the 27th consecutive month of year-over-year increases in national foreclosure filings.
That meant one in every 538 households received a filing during the month. Forty-four percent were households that slipped into default for the first time and more than a fifth were homes banks took back.
Lenders took possession of homes at a sharply higher rate, up 129 percent over last year, as more homeowners relinquished their homes, said Sharga. Banks repossessed 51,393 properties nationwide, many of them without a public foreclosure auction.
“In a lot of cases, banks worked something out with the owner in advance and took back the keys and deed. For a homeowner, it's not as embarrassing and it's a little less of a blemish on their credit record compared to a foreclosure,” Sharga said.
He estimates between 750,000 and 1 million bank-owned properties will hit the market this year, or about a quarter of the homes up for sale. In some areas, these properties will continue to slow sales and depress prices further.
Declining home prices and stricter lending requirements have exacerbated the foreclosure environment. Homeowners stuck in unmanageable mortgages aren't able to sell their homes or refinance into cheaper loans before their mortgage payments reset higher.
Nevada clocked in the worst foreclosure rate for the 15th straight month. Last month, one in every 139 households received a foreclosure-related notice, nearly four times the national rate. The number of properties with a filing increased 24 percent over February and 62 percent over the previous March.
California had the second-highest foreclosure rate in the country. One in every 204 California households received a foreclosure-related notice. The state had 64,711 properties facing foreclosure, the most of any state and more than double last year's total.
In Florida, 30,254 homes reported at least one filing, down nearly 7 percent from February, but up 112 percent from the year before.
Rounding out the states with the highest foreclosure rates were Arizona, Colorado, Georgia, Ohio, Michigan, Massachusetts and Maryland.
© MMVIII The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
Michelle Obama tells how her role as the First Lady has changed her perspective.
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See all 36 Commentsyou have the right to do what this paulson/ben did for wallstreet,saying they had to to save america. so you can say the same thing, but this time you would be saveing america, and not wallstreet.
you must come out and stop the forcloseing of all these millions of homes, now,
ALL YOU HAVE TO DO IS MANDATE THAT ALL MORTGAGES THAT HAVE BEEN TAKEN OUT FROM 2000 TO 2007 BY ALL AMERICANS TO BE RE-FI A.S.A.P. NO EXCEPTIONS,
NO MATTER WHAT THE CREDIT IS, THEY WILL RE-FI EVERYONE AT JUST OVER PRIME, AND AT A RATE OF 40% OF WHAT IS OWED ON THE PROPERTY( PERSONAL HOMES ONLY)!!
WHY, BECAUSE MOST HOST ARE SELLING AT FORCLOSER FOR 20 TO 30 CENTS ON THE DOLLAR, SO AS TO WHAT PAULSON SAID TO BEARSTEARN 2 DOLLARS IS BETTER THAN NO DOLLARS SO TAKE THE DEAL..NOW REMEMBER ALL OF YOU, IF THIS COMPANY IN 6 MONTHS LOST 98% OF THEIR VALUE FROM 700 BILLION TO WHAT IS IT NOW. AND FOR SOMEONE TO COME IN AND BUY IT FOR NOTHING, WHAT IS THE REAL VALUE OF ALL THESE HOMES???NOBODY KNOWS, SO WHY NOT JUST START OVER??? AND STOP THE BLEEDING FOR ALL AMERICANS.
FOR-AMERICA@HOTMAIL.COM
DAVID A BELANGER
FOR COMMON SENSE THIS IS SO EASY TO FIX DONT MAKE IT HARDER THAN IT IS PEOPLE
Posted by underdogus at 02:36 PM : Apr 15, 2008
NEW RECORD:114.93$...hmmm MR JAMES1234 you ignorant imbecile,but that doesn''t stop him from blabbering nonsense.......
LISTEN IF THEY ( CONGRESS) WOULD DO THERE JOBS WE WOULDN''''''''T BE IN THIS MESS.
ANYONE THAT TOOK OUT LOANS FROM 2000 TO 2007
REGARDLESS OF WHAT THERE CREDIT LOOKS LIKE RIGHT NOW, BECAUSE OF THIS MESS MOST HAVE LOST THEIR GOOD RATING.
THEY NEED TO COME OUT AND TELL ALL MORTGAGE COMPANYS
TO RE-FI EVERYONE NOW. NO EXCEPTION IF THEY HAVE A
MORTGAGE THAN TAKE 60% OFF THE BALLANCE AND RE-FI THEM AT 1 PERCENT OVER PRIME AND STOP ALL THE BLEEDING FOR ONCE..THAT IS ALL THAT HAS TO BE DONE, SIMPLE,FAST,AND IT WOULD STOP ALL FORCLOSEINGS,BURNINGS OF HOMES,AND STOP 10''''''''''''''''''''''''''''''''S OF MILLIONS FROM BEING ON THE STREET..
THIS IS MORE INPORTANT, THAN THIS ***.
OR HOW ABOUT REPORTING THAT WE THE PEOPLE WANT TO KNOW THIS FROM CLINTON AND MCCAIN. WHAT DO YOU WANT TO SAY TO THE 374,298 AMERICANS DEAD,HURT,MAIMED IN THIS WAR YOU SUPPOTED FROM THE START..HOW ABOUT ASKING THEM THIS
TIME TO MARCH DOWN AND TAKE THEM OUT..
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Posted by jamesm12341 at 06:32 PM : Apr 15, 2008
+ report abuse
This from a low life NAZI who has never worn the uniform in combat! How do I know? No Veteran who has heard the sound of an American Fall at his side would EVER say the disgusting things this fascist slime dog says... NEVER!! Sieg Heil Bush
You sound so ignorant. Why are you calling them P*)(&*))(&.?????
Did they have a Mexican accent . . . not to many White Americans in the Real Escape Business anymore, except the low life scum like Corporate management.
LISTEN IF THEY ( CONGRESS) WOULD DO THERE JOBS WE WOULDN''''''''T BE IN THIS MESS.
ANYONE THAT TOOK OUT LOANS FROM 2000 TO 2007
REGARDLESS OF WHAT THERE CREDIT LOOKS LIKE RIGHT NOW, BECAUSE OF THIS MESS MOST HAVE LOST THEIR GOOD RATING.
THEY NEED TO COME OUT AND TELL ALL MORTGAGE COMPANYS
TO RE-FI EVERYONE NOW. NO EXCEPTION IF THEY HAVE A
MORTGAGE THAN TAKE 60% OFF THE BALLANCE AND RE-FI THEM AT 1 PERCENT OVER PRIME AND STOP ALL THE BLEEDING FOR ONCE..THAT IS ALL THAT HAS TO BE DONE, SIMPLE,FAST,AND IT WOULD STOP ALL FORCLOSEINGS,BURNINGS OF HOMES,AND STOP 10''''''''''''''''''''''''''''''''S OF MILLIONS FROM BEING ON THE STREET..
THIS IS MORE INPORTANT, THAN THIS ***.
OR HOW ABOUT REPORTING THAT WE THE PEOPLE WANT TO KNOW THIS FROM CLINTON AND MCCAIN. WHAT DO YOU WANT TO SAY TO THE 374,298 AMERICANS DEAD,HURT,MAIMED IN THIS WAR YOU SUPPOTED FROM THE START..HOW ABOUT ASKING THEM THIS
TIME TO MARCH DOWN AND TAKE THEM OUT..
and remember this ,OH BIN SAID HE WOULD DETROY AMERICA IN THE FINNANCE WORLD,, I GUESS HE HAS WON. ONLY BECAUSE OF THE BUSH ADMINASTRATION..
Posted by underdogus at 02:36 PM : Apr 15, 2008
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And we haven''t even invaded Iran yet!
You said YOU read it and YOU understood it - now someone had to EXPLAIN it to you? If the "wording was clear" why did you need someone to explain to you?
You''''re contradicting yourself in your headlong rush to blame the victim. You should slow down a little.
Posted by jumkey at 02:23 PM : Apr 15, 2008
..............
If only everybody''s mortgage lender was as clear, concise, and honest as they were for "MyOpinion1". If so, then this foreclosure issue would not be anywhere as big as it is today!
Ah, but where did those used car sales people go earlier this decade?...
...Yes folks... many simply graduated from lying/conning people into buying used cars, right into lying and conning people into sub-prime mortgages (when in many cases, a conventional/prime mortgage would have sufficed... or no approval at all).
It is perfectly true that an Iraq withdrawal will require something very painful: admitting a colossal strategic mistake. This is the #1 unbearable disgrace for Republicans and all other core backers of the war and occupation. The #2 disgrace would be payment of reparations to Iraq through a UN or World Bank trust. #3 would be the outrage of the post-occupation Iraqi government resolving the oil issue on its own terms, possibly contracting French, Russian, and Chinese firms, while leaving US or UK firms on the sidelines.
Self-denial, vanity, fear to face the music, and greed are at play. It has nothing to do with US security. The fiasco has made us less secure, drained lives and money, and now we are the laughingstock of much of the world.
Don''t believe in polls? Well, how about the value of the US dollar on world exchanges?
Let Iraqis rule Iraq, whether by federation, partition, or unitary state. Any model we impose will crumble the day we leave, whether that occurs now or in 100 years. Iraq will not be pro-US, pro-Israel, or pro-anything we favor so long as we occupy them, or as long as we contrived to have privileged access to their oil.
Medieval Europeans wasted 250 years on their venture. Better to learn from them, plus from Britain''s troubles in Iraq in the 1920s onward, rather than repeat a futile imperial exercise.
You said YOU read it and YOU understood it - now someone had to EXPLAIN it to you? If the "wording was clear" why did you need someone to explain to you?
You''re contradicting yourself in your headlong rush to blame the victim. You should slow down a little.
The predatory lending practices of the mortgage industry are being conveniently swept under the rug while we use tax dollars to bail them out. This is a greater outrage than someone signing a mortgage agreement they don''''t understand, and it''''s telling that this escapes mention.
Posted by jumkey at 01:21 PM : Apr 15, 2008
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Yes.
And also add to the fact that jobs in America are very unstable. Many have lost their once "safe" or "stable" job due to outsourcing/offshoring and/or pure budget cutbacks from the top. When it takes two incomes (or more) to afford even a modest home in or near your average metro area.
When one of those incomes (jobs) goes away, so does the home (eventually).
I know lets just print some more money.....AND THEN give it to the banks!! So they can loan us some money that we aren''t making from our jobs to help us pay for things like houses, which we will eventually defalt the payments on because the interest rates skyrocketed!! (Because the country was in debt) Then our GOVERNEMNT bails out the banks!! Yea!! Rich people win!!!
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