MORTGAGE FORECLOSURE Information

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FORECLOSURE ON MORTGAGES UP 30 PERCENT

Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February from last year's levels


While the number of foreclosures continue to soar nationwide, banks have held off listing properties for sale. There were around 700,000 such properties nationwide at the end of last year, making up a "shadow inventory" of unsold homes that could drag the housing crisis out even longer.
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More than 74,000 properties were repossessed by lenders in February as the worst recession in decades.

Falling home values and stricter lending standards continue to sap the U.S. real estate market. Nevada, Arizona, California and Florida had the nation's top foreclosure rates. In Nevada, one in every 70 homes received a foreclosure filing, while the number was one every 147 in Arizona. Rounding out the top 10 were Idaho, Michigan, Illinois, Georgia, Oregon and Ohio. Among metro areas, Las Vegas was first, with one in every 60 housing units receiving a foreclosure filing. It was followed by the Cape Coral-Fort Myers area in Florida and five California metropolitan areas: Stockton, Modesto, Merced, Riverside-San Bernardino and Bakersfield.
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