Nationwide Foreclosure Rate Shoots Up 81% in 2008
We knew this news was bound to be bad, but we didn't think it would be quite this grim: The number of American homeowners who faced foreclosure proceedings in 2008 passed the 2.3 million mark, an 81 percent increase over the previous year.
We knew this news was bound to be bad, but we didn’t think it would be quite this grim: The number of American homeowners who faced foreclosure proceedings in 2008 passed the 2.3 million mark, an 81 percent increase over the previous year.
AS CHAOS UNFOLDS, FIND SOLID GROUND…AP via Yahoo News:
Nationwide, more than 860,000 properties were actually repossessed by lenders, more than double the 2007 level, according to RealtyTrac, a foreclosure listing firm based in Irvine, Calif., which compiled the figures.
Moody’s Economy.com, a research firm, predicts the number of homes lost to foreclosure is likely to rise by another 18 percent this year before tapering off slightly through 2011.
Still, foreclosures — which keep breaking records going back 30 years, according to the Mortgage Bankers Association — are likely to remain well above normal levels for years to come, and that will continue to keep home prices from rebounding.
“Hitting bottom is a lot different than coming off the bottom,” said Christopher Thornberg, a principal with Beacon Economics in Los Angeles.
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