Foreclosures Peak: This Old House Is Not a Home


for-sale-signs

NEW YORK (Reuters) – Foreclosures in the U.S. are up 46% from a year ago. As numerous programs set up to reverse the tide of red ink expired.  Fannie Mae and Freddie Mac had temporary foreclosure freezes in place but they shut down before President Obama’s housing stimulus took effect.

Filings, which include notice of default, auction sale or bank repossession, jumped 17 percent in From February through March.  Quarterly filings, up 24% also set a record over the same period last year.

Current numbers are the highest since tracking began in Jan. 2005. According to RealityTrac,

California, Florida, Arizona, Nevada and Illinois accounted for nearly 60 percent of U.S. foreclosure activity in the first quarter, with a combined 479,516 properties receiving filings.

Read the complete story here

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2 Responses to Foreclosures Peak: This Old House Is Not a Home

  1. ybfree says:

    Some groups are supporting squatting in foreclosed homes. Here is an article on the trend “As Foreclosures Rise, Squatters Lay Claims”
    http://www.cbsnews.com/stories/2008/12/02/national/main4642403.shtml

  2. Paul Sonderman says:

    Thanks for the link. In an earlier post, I shared a practice called “produce the note,” which forces banks to actually prove they have on file the necessary paperwork needed to prove property ownership. Because of the massive bunding/resale of mortgages, financial institutions who participated often lack proper paperwork. If they can’t produce the note, you can stay until they do.

    If you’ve been in the shelters, you understand completely.

    This isn’t going away any time soon. Thanks for commenting.
    -p

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