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U.S. foreclosure rates see massive jump and worst not yet over

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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