Foreclosure rate almost doubled in 2007: report |
| Reuters - Jan 29, 2008 |
More than 1 percent of all households faced foreclosure during 2007, almost twice the previous year's rate, a real estate marketing company said on Tuesday.
The total number of foreclosure filings rose 75 percent last year to 2,203,295, with rates highest in Nevada, Florida and Michigan, according to RealtyTrac. Filings rose at the end of the year, with December marking the fifth straight month of more than 200,000 foreclosures reported, it said.
Foreclosures have soared as falling U.S. home prices have exposed underwriting standards weakened during the housing boom to boost volume. Billions of dollars in losses at lenders and Wall Street banks have resulted in lenders putting money out of reach for many borrowers who had depended on getting new loans or refinancing an adjustable mortgage before higher monthly payments kicked in.
Read Full Article from Reuters
- Posted: 2008-01-29 09:40:01
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