U.S. foreclosure rates see massive jump and worst not yet over
Posted on
April 29, 2008
by
Norm Fisher, Royal LePage Vidorra
CNN Moneyis reporting today that the U.S. home foreclosure rate “spiked 112%” in early 2008, and the worst of it likely isn’t over, as some $362 billion dollars worth of adjustable rate mortgages will “reset” this year.
More than 155,000 families have already lost their homes this year. Approximately 1 in 194 U.S. households have received some sort of foreclosure filing.
Nevada is the hardest hit state with 1 in 54 households received foreclosure filings. Stockton, California tops the list for foreclosures in a U.S. municipality. Approximately 1 in 30 homes have received foreclosure notices.
Read the CNN Money article here.
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Norm Fisher
Royal LePage Vidorra
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