U.S. Foreclosures Rose 68 Percent in November, RealtyTrac Says

[swag]

Source: Bloomberg

Dec. 19 (Bloomberg) -- U.S. home foreclosures rose 68 percent in November from a year earlier as adjustable-rate mortgages left subprime borrowers unable to meet higher payments, according to data compiled by RealtyTrac Inc.

There were 201,950 foreclosure filings in November, including default notices, auction letters and bank repossessions, down 10 percent from October's total, RealtyTrac reported today. California, Florida and Ohio had the most filings and Nevada had the highest foreclosure rate.

Interest rates increased on more than $87 billion of subprime mortgages in the third quarter, and another $84 billion will reset in the fourth quarter, according to New York-based analysts for Credit Suisse Group. Foreclosures may surge next year as payments rise on about 1 million home loans, Rick Sharga, executive vice president for marketing at RealtyTrac, said in an interview.

``I wouldn't be surprised if we're at the 230,000 to 250,000 level'' for monthly foreclosures in the first quarter, Sharga said.



Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=az3LawfPTxCU&refer=home

[still_one]

1. I wonder if they will take that into consideration when they vote in 2008? /nt

[demnan]

2. Trouble is

A lot of these folks, minorities who may work more than one job, rarely vote as a block on issues that concern them, if they are able to vote at all. The Hispanic neighborhoods in my area are emptying out as people leave houses they can no longer afford. These are not necessarily citizens who are able to vote.

[tanyev]

3. Another surge brought to you by the Bush administration.

[Javaman]

4. But but but, msnbc/reuters says all is well!!!

Home foreclosures fall second time in 3 months

http://www.msnbc.msn.com/id/22324246 /

[Javaman]

5. But but but, msnbc/reuters says all is well!!!

Home foreclosures fall second time in 3 months

http://www.msnbc.msn.com/id/22324246 /

[swag]

6. That's a funny way to slice it: month-over-month as opposed to

year-over-year.

But that's how it is with financial/economic news. It gets parsed in the weirdest ways.

[bobalew]

7. That's Not the whole Story! Check out the Sub-Prime Servicing Companies

Man I really wish someone would kick this up into View!
It's Not, Primarily, the Loan companies that are the cause of the increase in Foreclosures. Many of the people receiving them ARE current on their payments,and Escrow. It's the SERVICING companies like Sutter, and Select Servicing (FairBanks Capital) that are at the forefront of this situation. I suggest that you look up the complaints against these companies, who's job is to manage the Sub-prime loan market, taking in Payments and managing the timely posting thereof. Use the Complaints against servicing company logs on ConsumerAffairs.com. These companies are intentionally "Losing " Peoples house payments, NOT posting them on Time, Absconding with escrow funds, and generating Millions of $$$ in profits from Bogus late fees, $900.00 Drive By "Appraisals", Forced insurance, when it's already insured, and other underhanded schemes to steal homes from persons who are already at the end of their financial ropes, and don't have the financial wherewithal to legally defend themselves. In Short, these Servicing companies are out & out 'Foreclosure mills", who ALWAYS get their money, after the actioning of a Victims home.
There is no incentive for them to do business in an honest fashion, and every incentive to DRIVE people into foreclosure as fast & as soon as possible. The illegal practices used to achieve these goals have been in force for more than 5 years, and continue to increase, very year, as Mortgage rates re-adjust and people become more & more economically vulnerable. Please, someone of greater voice and reach than I, Do some research on your own about this and see what's happening to americas working class, and their homes. I do speak from personal experience. My cousin's family, in Oregon lost her home and 5 Acre parcel, While all the time sending her House payments. No notifications, or any other signal that something was wrong, until, reading the announcement ads in her local paper, noticed a published statement that her home was to auctioned off on the courthouse steps, in 5 days. Not a very long time to be able to react. Yes, this was a "Stealth" Foreclosure" by Fairbanks Capital who, at the time, had an FTC Suit/complaint of unfair business practices against them. Their reaction to this; They Acted as if they would comply, fired their CEO, then just simply changed their name, still continuing the same illegal and underhanded practices they've always performed. Please, Check it out.
Regards, Bob