NEW YORK (CNNMoney.com) -- With real estate markets slowing and mortgage rates well above levels of recent years, times are getting tougher for homeowners - the number of homes entering into some stage of foreclosure is surging, according to a survey released Wednesday.Expect foreclosures to rise even more as the housing market continues to decline and the US economy heads into a recession in 2007.
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.
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. (CNN)
Wednesday, September 13, 2006
CNN: Foreclosures Spike in August
Foreclosures are increasing nationally as the housing market continues to decline.
Posted by David at 4:38 PM