Think again. Foreclosures rise 5 percent from summer to fall!
According to the Associated Press:
The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs.The foreclosure crisis affected nearly 938,000 properties in the July-September quarter, compared with about 890,000 in the prior three months, according to a report released Thursday by RealtyTrac Inc. That puts foreclosure-related filings on a pace to hit about 3.5 million this year, up from more than 2.3 million last year.
Banks repossessed nearly 88,000 homes in September, up from about 76,000 a month earlier.On a state-by-state basis, Nevada had the nation’s highest foreclosure rate in the July-September quarter. Arizona was No. 2, followed by California, Florida and Idaho. Rounding out the top 10 were Utah, Georgia, Michigan, Colorado and Illinois.
So, the eternally frustrating short sale is giving way to the foreclosure sale. I also posted information on my website: http://www.coastalfloridarealestate.net/ about another new trend called the strategic default, where sellers simply walk away and don't try to work things out. The hidden aspect of all this is that there is a ripple effect where everyone associated with the housing industry suffers, except the companies who board up and maintain foreclosed properties.
Richard Sites
rsites@coastalfloridarealestate.net
