Tech & Biz

US Foreclosure activity rises 71 percent

by Jordan Yerman | October 23, 2008 at 09:39 am

56 views | 14 Recommendations | 4 comments

The rate of foreclosure has risen 71% in the US this year, with nearly three quarters of a million homes under the gun. That number is expected to reach one million by the end of 2008.

I had to read that number twice.

Nationwide, nearly 766,000 homes received at least one foreclosure-related notice from July through September, up 71 percent from a year earlier, said foreclosure listing service RealtyTrac Inc.

California, despite measures to prevent evictions, is still higher than the national average in terms of foreclosures.

Foreclosure rates in Stockton have dropped 9 percent from the previous quarter but are still up 87 percent from the third quarter of 2007 according to thre report.

Other california cities in the top 10 for foreclosure rate are Riverside-San Bernardino at No. 3, Bakersfield at No. 4, Sacramento at No. 7, Fresno at No. 9 and Oakland at No. 10.

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Karen Hatter

flagged this story as Good Stuff

at 10:12 on October 23rd, 2008

Awful news.

eastvanray

flagged this story as Good Stuff

at 10:40 on October 23rd, 2008

jordan, I like this story. It's good stuff.

This is a painful but, unfortunately, necessary step in creating a more "normal" real estate market. Let's hope the era of the 40 year, no money down variable-rate mortgage is over.