US Foreclosure Filings Surge 65 Percent In April

[DeSwiss]

Source: (AP)

US Foreclosure Filings Surge 65 Percent In April

By ALEX VEIGA, AP Business Writer
34 minutes ago


Associated Press Tue May 13, 6:09 PM ET;
graphic shows total foreclosure filings
for past 12 months.

LOS ANGELES - More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 percent versus the same month last year and contributing to a deepening slide in home values, a research company said Tuesday. Nationwide, 243,353 homes received at least one foreclosure-related filing in April, up 65 percent from 147,708 in the same month last year and up 4 percent since March, RealtyTrac Inc. said.

Nevada, Arizona, California and Florida were among the hardest hit states, with metropolitan areas in California and Florida accounting for nine of the top 10 areas with the highest rate of foreclosure, the company said. Irvine, Calif.-based RealtyTrac monitors default notices, auction sale notices and bank repossessions. One in every 519 U.S. households received a foreclosure filing in April. Foreclosure filings increased from a year earlier in all but eight states.

The combination of weak housing sales, falling home values, tighter mortgage lending criteria and a slowing U.S. economy has left financially strapped homeowners with fewer options to avoid foreclosure. Many can't find buyers or owe more than their home is worth and can't get refinanced into an affordable loan.

Efforts by government and the mortgage industry to stem the tide of foreclosures aren't keeping up with the rising number of troubled homeowners.

Read more: http://news.yahoo.com/s/ap/20080514/ap_on_bi_ge/foreclosure_rates

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- Well Bush's mortgage recovery plan is working as well as Iraq, Afghanistan and Katrina. And just about everything else. Which to say he's doing another "heckava-job" on somebody. A few http://www.nytimes.com/2008/05/02/business/02housing.html?_r=1&adxnnl=1&oref=slogin&partner=rssnyt&emc=rss&adxnnlx=1210760100-fuoOlCaESBlfxURdAR8qDA">Repukes are hoping he doesn't do one on them....
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DeSwiss


http://atheisttoolbox.com/">The Atheist Toolbox

[Earth_First]

1. I wonder how many of these filings are multiple notices to one individual...

I've read articles in the recent past on real estate investors who are losing one or more homes. One in 519 homes received a foreclosure notice, how many of these one in 519 are owned by the same individual?

[DeSwiss]

2. That could "possibly" mean that....

...there are fewer individual households that would be negatively impacted - directly. Except where those units are occupied and the banks are still requiring the people (often renters - generating income for the unit), to move out.

Plus, the economic impact whether investment property or not, still negatively impacts on those homes which are the principle dwellings for the homeowner. Due to the reduced market-demand to resell. The lowering of market values on the homes, and thus losing homeowner equity. And drying up mortgage refinance funds. As it is, most banks that are providing help to delinquent homeowners, are simply refinancing the unpaid debt on a separate lien.

- Which doesn't get the homeowner out harms way, nor address this crisis...

[Supersedeas]

3. nothing to see here -- feed them more sports, weather, and infortainment