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Foreclosure filings soar in 3rd quarter { October 2007 } Original Source Link: (May no longer be active)    http://biz.yahoo.com/ap/071101/foreclosure_rates.html http://biz.yahoo.com/ap/071101/foreclosure_rates.html AP Foreclosure Filings Soar in 3rd Quarter Thursday November 1, 9:01 am ET By Alex Veiga, AP Business Writer Number of US Homes Facing Foreclosure Doubles in Third Quarter LOS ANGELES (AP) -- A soaring number of U.S. homeowners struggled to make mortgage payments in the third quarter, with properties in some stage of foreclosure more than doubling from the same time last year, a mortgage data company said Thursday. A total of 446,726 homes nationwide were targeted by some sort of foreclosure activity from July to September, up 100.1 percent from 223,233 properties in the year-ago period, according to Irvine-based RealtyTrac Inc. The current figure was 33.9 percent higher than the 333,731 properties in foreclosure in the second quarter of this year. There was one foreclosure filing for every 196 households in the nation during the most recent quarter, RealtyTrac said. All but five states reported a year-over-year increase in foreclosure filings, which include notices of default, auction sale notices or bank repossessions, the company said. A single property can sometimes receive more than one notice in a three-month period. In all, 635,159 filings were reported in the third quarter, up 99.5 percent from the year-ago quarter and up 30 percent from the second quarter of this year. RealtyTrac CEO James J. Saccacio said in a statement that August and September accounted for the highest monthly totals since the company began issuing foreclosure filing reports in January 2005. "Given the number of loans due to reset through the middle of 2008, and the continuing weakness in home sales, we would expect foreclosure activity to remain high and even increase over the next year in many markets," he said. Mortgage lenders are bracing for a flood of defaults as many adjustable-rate mortgages originated in 2005 and 2006 during the height of the housing market frenzy reset to higher interest rates. The loans were initially attractive options for buyers because of their cheaper "teaser" interest rates that kept monthly payments low, but even a small percentage increase can translate into a far higher payment. With home sales in decline and prices down or flat in many regions, more homeowners are landing in foreclosure because they can't afford to sell their homes after falling behind on payments. The three states with the highest foreclosure rates during the third quarter were Nevada, California and Florida, RealtyTrac said. Nevada reported one foreclosure filing for every 61 households, with 16,817 filings on 12,982 properties. That marked a 22.8 percent increase in filings from the previous quarter and a tripling from the year-ago quarter. California led the nation in total foreclosure filings and reported one filing for every 88 households. The state had 148,147 filings on 94,772 properties, an increase in filings of 36 percent from the previous quarter and nearly four times more than the year-ago period. In Florida, there were 86,465 foreclosure filings on 60,992 properties during the third quarter, RealtyTrac said. Foreclosure filings rose 51.5 percent from the previous quarter and more than doubled from the same quarter last year. Florida's foreclosure rate amounted to one filing for every 95 households, RealtyTrac said. Rounding out the top 10 states in foreclosure rates were Michigan, Ohio, Colorado, Arizona, Georgia, Indiana and Texas. RealtyTrac Inc.: http://www.realtytrac.com

2006 new homes sales drop 17pc Americans not paying off home mortages { August 28 2005 } Banks court illegal aliens with home loans Banks making record levels of commercial estate loans { July 17 2005 } Banks profit from low interest rates { July 12 2005 } Banks pushing high risk loans Bernanke sees cooling housing market { May 18 2006 } Bush and congress approval at record low { September 2007 } China keeping US long term rates down China keeps long term mortgage rates down { May 30 2005 } Constructions of homes hits record lows { November 2007 } County home valuation inceased 70 percent 3 yrs { January 6 2005 } DC area not as hurt by foreclosures { February 2008 } Dc housing market market slight cool off { July 25 2005 } Dc suburb home prices up as foreclosures soar { October 2007 } Declining mortgage rates cause record home sales 2005 Dollar and housing prices big drop { September 2006 } Dot com boom rekindled { October 16 2007 } Existing home sales drop again { August 2007 } Existing home sales lowest since 2004 Fbi investigates subprime fraud { January 29 2008 } Fed concerned over severe housing market pullback Fed sees significant credit pressure on economy { August 2007 } Firms conspired to inflate housing market { November 2 2007 } Forecast sees housing prices falling { October 3 2006 } Foreclosure filings soar in 3rd quarter { October 2007 } Foreclosures almost double in one year { October 2007 } Foreclosures hit cali florida navada hardest { October 2007 } Foreclosures hit record high { May 2008 } Foreclosures to have profound impact { November 27 2007 } Foreign investers buying up foreclosures { April 22 2008 } Gas prices causing reurbanization { June 17 2008 } Gentrification turning dc black to white { May 17 2007 } Global investors bought the mortgage crisis Glut of unsold new homes hits record high Greenspan predicts housing bubble wont last { May 21 2005 } Greenspan profits off subprime mess { January 15 2008 } Greenspan says beware of local housing bubbles Greenspan warns of asset prices after euporia Greenspan warns of housing bubble crash { August 27 2005 } Home foreclosures jump 90perc { January 2008 } Home prices drop for 21st month { June 24 2008 } Home prices drop sharpest in 20 years { May 27 2008 } Home prices fall 3 and half percent in year { October 2006 } Home prices falls record 11perc { March 25 2008 } Home prices fell for first time in 40yrs { January 24 2008 } Home prices fell most on record { January 2008 } Home prices plunge across california { February 2008 } Home resales slowed in july Homebuilder sinks to lowest since 1995 in { May 15 2006 } Homeowners place faith in exotic mortgages { July 18 2005 } Housing and consumer market cools { May 2006 } Housing crisis reverberates around globe { November 2007 } Housing market cooling data says { November 11 2005 } Housing market sinks further { February 16 2007 } Housing prices post record declines { April 29 2008 } June sales high with lowest average 30 year mortgage LA and miami home foreclosures double { June 2008 } Largest lender posts first losses in 25 years { September 2007 } Loan processor guilty to selling aliens homes Low long term rates a conundrum for greenspan Major swiss bank hit hard from US housing { October 1 2007 } Massachusetts housing slump rivals late 1980s { May 25 2007 } Median home cost plunged 13perc for year { April 25 2008 } Median price of new home drops 11 percent { May 25 2007 } Millions of subprime home loans to be foreclosed Mortage rates up as fed cuts interest rates { February 21 2008 } Mortgage crisis hits million dollar homes { March 29 2007 } Mortgage delinquencies a rising threat { November 2006 } Mortgage execs arrested for securities fraud { June 19 2008 } Mortgage rates to highest levels in 4 yrs { May 2006 } New homes and consumer confidence plunge New homes sales hit all time high in 2005 No end in sight about housing slump { October 26 2007 } Number of unsold homes hits record high Poor swept by gentrification in real estate boom { December 14 2005 } Previously owned homes sales fell october 2005 Prices fall for homes with long commute { April 21 2008 } Sales of new homes plunged 11 percent { March 25 2006 } Sales of new homes plunged { August 2007 } Sales of new homes record fall in 9 yrs { February 2006 } Second biggest subprime mortgage lender bankrupt Slowdown in realestate may hurt retail sales Slowing US housing market to drag down world economy { January 10 2007 } Southern california homes plunge 30perc { September 2007 } Subprime lending crash will ripple housing market { February 22 2007 } Third of all loans in 2004 adjustable rate { June 26 2005 } Two thirds of cities home prices fall { April 2008 } US housing prices down but DC recovers { April 2007 } Vacation home sales are at unprecendented levels Washington dc average home predicted by 2057 at 14m Washington DC condo market collapsing { January 16 2007 } Weak housing market to cause economic slowdown { November 21 2006 } Files Listed: 93

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