Foreclosures Rise 14% in 2nd Quarter 2008

Foreclosures Rise 14% in 2Q

Nearly 740,000 foreclosure filings were reported nationwide in the second quarter, up almost 14% from the level recorded in the previous quarter and 121% from that of a year earlier, according to RealtyTrac, an online foreclosure marketplace based in Irvine, Calif.

The nation's quarterly foreclosure rate was one filing for every 171 households, the company said in its Q2 2008 U.S. Foreclosure Market Report. (Foreclosure filings include default notices, auction sale notices, and bank repossessions.) "Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona, and Michigan, most areas of the country are seeing at least some increase in foreclosure activity," said James J. Saccacio, chief executive officer of RealtyTrac. "Forty-eight of 50 states and 95 out of the nation's 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter." The company can be found online at http://www.realtytrac.com.

It is only going to get worse before it gets better! Hold on for the ride!

This blog by:

Team Newington
Sacramento Mortgage Broker
(916) 687-6868
www.SuperiorLoanTeam.com