A 112% Spike in Foreclosures: Is This the Beginning?
What a year 2007 was! But what a year 2008 is going to be as far as foreclosed homes are concerned is yet to be seen. According to the last report, almost 155,000 families had lost their homes through foreclosure proceedings, which is a rate of one per 194 homes in the US. The worst fear for the government is how many more foreclosed properties will they get to see this year? Will the number of repo properties increase? Will there be more delinquencies? What is the proposed solution for fighting or stopping foreclosure? These are just some of the questions that seem to haunt the government, lenders and housing authorities like HUD.
The fear has multiplied owing to the fact that the overall foreclosure filings in the country has jumped by 112% in the first quarter of 2008 itself and this is highly concerning. According to some of the real estate information firms, almost 650,000 repo houses were listed in the nationwide foreclosure listings and were sent auction sales notices and notices of default (NOD). Bank repossessions have also increased remarkably due to high number of delinquencies, which has forced many homeowners to lose their homes and get stranded as they have nowhere to go.
The question is: what is the next step the government will take and how is it going to implement various solutions for the ailing homeowners? This can only be known once the various policies are in place or implemented. For now trouble for homeowners are far from over. But amidst this storm, a new market has opened for investors who want to buy homes and even flip them. The best way to go around doing that is by taking a membership with ForeclosedPropertiesData.com and downloading information that will assist in informed investing in repo homes.
Related Posts:
Funds Provided For Ohio Foreclosures by Edwards on November 28th, 2008
Victims of Foreclosures are Likely to Leave Properties Behind by Edwards on November 24th, 2008
Hudson and Marshall to Auction Foreclosed Properties by Edwards on November 21st, 2008
Bill Proposing Moratorium on Foreclosures Met Several Oppositions by Edwards on November 21st, 2008
Builders: Demand for Homes Recovering by 2010 by Edwards on April 16th, 2008
May 13th, 2008 at 6:48 am
[...] As proof of this, the Senate subcommittee is looking at the reasons behind the 112 percent increase in foreclosure filings for the first quarter of 2008. Lawmakers are getting even more worried considering that over 1.8 million mortgages will be resetting this year. [...]