15 Jan 09 Foreclosure Rates Climb 81% in 2008
RealtyTrac released a disturbing foreclosure report indicating that 2.3 million American homeowners faced foreclosure proceedings last year, an 81% increase from 2007, with the worst yet to come as consumers grapple with layoffs, shrinking investment portfolios and falling home prices. This foreclosure report arrives as President-elect Barack Obama, pushes forth plans to use up to $100 billion of the remaining $350 billion in financial bailout money in an effort to stem the foreclosure crisis from getting worse.
The 4 states with the highest foreclosure rates last year were Nevada, Florida, Arizona and California. More than 1.1 million properties in those four states received a foreclosure notice, almost half the national total. And more than one in five of those households were in California, which is coping with massive job losses in the housing and mortgage industries as well as a rapid decline in home prices.
FDIC Chief: Foreclosure Plan Needed
Tags: financial bailout money, foreclosure, foreclosure proceedings, loan modification plans, mortgage lenders, Mortgage Relief
