Foreclosures Increasing

Bargain Network reports that"According to Bargain Network, an online provider of real estate foreclosure, pre-foreclosure and for-sale-by-owner properties and information, third quarter foreclosure activity has increase across the United States by 14 percent compared to the second quarter this year. The Monthly U.S. Foreclosure Trend Report released yesterday by the company also held that the nation saw a 39 percent increase in foreclosure activity compared to the same quarter last year, and that in the month of September alone, there were 103,000 houses that went into the foreclosure process."

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"While September's foreclosure activity only saw a 10 percent decrease compared to the record breaking month of August, the 51 percent hike from a year ago is alarming. Both September's figures, as well as the third quarter's, showed that the foreclosure rate was one new property for every 1,222 U.S. households."

"The top five states to represent 66 percent of the foreclosure activity were Florida, California, Michigan, Texas, and Colorado."

"Florida's foreclosure rate was four times the national average with one new foreclosure filing for every 254 households. Foreclosures in the Sunshine State totaled 28,000, accounting for 27 percent of the overall nationwide foreclosure activity."

"On the opposite side of the country, California, which ranked second, had 17,000 properties enter into some state of forelcosure, with a new foreclosure rate of 1 filing for every 712 households. Compared to the previous month, the state saw a 37 percent increase and a 44 percent increase from the previous quarter."

"Nearly 9,000 foreclosures were reported entering the foreclosure process in Texas, or 1 foreclosure for every 920 households. Colorado had a total of 7,00 foreclosure filings, or 1 foreclosure for every 266 households."

"Tom Adams, president and CEO of Bargain Network, it's not a surprise that the western states top the charts due to the "predominance of negative amortization loans" where borrowers pay interest-only, without gaining any equity."