September 18, 2007
-- by Dave Johnson
The number of foreclosure filings reported in the U.S. last month more than doubled versus August 2006 and jumped 36 percent from July, a trend that signals many homeowners are increasingly unable to make timely payments on their mortgages or sell their homes amid a national housing slump.The BIG ARM Reset jump - increasing numbers of people with adjustable mortgages that adjust to much higher monthly payments - hasn't happened yet. And then it takes several months for them to fall behind on payments and eventually face foreclosure. So this is just the start of a wave - a tsunami.
... The national foreclosure rate last month was one filing for every 510 households, the company said.
Nevada reported one foreclosure filing for every 165 households — more than three times the national average. The state had 6,197 filings in August, an increase of 21 percent from July and more than triple the year-ago figure.
California's foreclosure rate was one filing for every 224 households. The state reported the most foreclosure filings of any single state with 57,875, up 48 percent from July and an increase of more than 300 percent from August 2006.
Florida had one foreclosure filing for every 243 households. In all, the state reported 33,932 foreclosure filings, up 77 percent from July's total and more than twice the year-ago total.
Georgia, Ohio, Michigan, Arizona, Colorado, Texas and Indiana rounded out the 10 states with the highest foreclosure rates.
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