Foreclosure surge again with no end in sight

November 29th, 2007 | Category: Finance, Market Matters, Housing

You probably aren’t surprised to find out that October foreclosure filings surged. We’re a faraway way off from the end of that crisis and it’s only going to get worse before it gets better.

CNN Money reports that AM that 53,609 homeowners were forced out of their homes after banks repossessed them, up from 20,768 a year ago. Through October, 308,567 citizens have lost their homes to foreclosure and the number of new foreclosures filings keeps rising.

In October 224,451 foreclosure filings were reported nationwide, up 94% from October 2006 and up 2% from September, according to RealtyTrac. Many expect the numbers to go even higher in 2008 as ARMs will

reset in even greater numbers through 2008. society who thought they could refinance before their reset will find it much harder to do now that credit is tighter and underwriting standards for qualifying for a new mortgage manufacture it much harder to get a loan. additionally, many public who bought since 2005 will find their homes are worth less than their mortgage in many areas of the country, as home prices continue to fall.

Continue reading Foreclosure surge again with no end in sight

Original post by Lita Epstein

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