U.S. Foreclosures Rose 68 Percent in November |
| Bloomberg - Dec 19, 2007 |
U.S. home foreclosures rose 68 percent in November from a year earlier as adjustable-rate mortgages left subprime borrowers unable to meet higher payments, according to data compiled by RealtyTrac Inc.
There were 201,950 foreclosure filings in November, including default notices, auction letters and bank repossessions, down 10 percent from October's total, RealtyTrac reported today. California, Florida and Ohio had the most filings and Nevada had the highest foreclosure rate.
Interest rates increased on more than $87 billion of subprime mortgages in the third quarter, and another $84 billion will reset in the fourth quarter, according to New York-based analysts for Credit Suisse Group. Foreclosures may surge next year as payments rise on about 1 million home loans, Rick Sharga, executive vice president for marketing at RealtyTrac, said in an interview.
Read Full Article from Bloomberg
- Posted: 2007-12-19 10:42:14
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