Foreclosure Notices Hit Record in Spring
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The Mortgage Bankers Association reported today that mortgage holders starting the foreclosure process in the April-June quarter reached 0.65 percent.
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The rate of home loans entering the  foreclosure process rose to a record high in the second quarter  of 2007, driven largely by failing subprime mortgages, an  industry trade group said on Thursday.
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The rate of home loans entering the foreclosure process rose to a record high in the second quarter of 2007, driven largely by failing subprime mortgages, an industry trade group said on Thursday.
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Business & money: Mortgage lending rose to record levels last month as borrowers reacted to further interest rate rises.
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The number of foreclosure filings reported in the U.S. last month more than doubled versus August 2006 and jumped 36 percent from July, a trend that signals many homeowners are increasingly unable to make timely payments on their mortgages or sell their homes amid a national housing slump.
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At current rates, analysts expect foreclosure filings to hit a rate approaching heights not seen since the Great Depression.
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Late payments on U.S. mortgages increased in the fourth quarter to their highest level in three and a half years and foreclosures rose, driven by subprime borrowers with weak credit, the Mortgage Bankers Association said on Tuesday.
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National housing advocacy group Association of Community Organizations for Reform Now released a study showing the Boston metropolitan area had one foreclosure filing for every 177 households, ranking 75th out of 100 major US cities in 2006.
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Home foreclosure filings surged in the largest metropolitan areas in the United States during 2007, with cities in California, Ohio, Florida and Michigan reporting among the highest rates in the country, real estate data firm RealtyTrac said on Wednesday.
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About 370,000 strapped U.S. borrowers averted foreclosure last year as a large number of homeowners responded to a government-backed effort by the mortgage industry to stem surging delinquencies.
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Investor's Business Daily - Two mil subprime-mortgage foreclosures are expected by '09 if home prices continue to fall, according to a report by congressional Dems. The Joint Economic Committee predicted that $71 bil in housing wealth will be destroyed and states will lose $917 mil in property tax revenue. The report called for stronger action to prevent foreclosures.
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NEW YORK/LONDON  - New evidence of damage wrought by the U.S. mortgage sector surfaced in the United States and Europe on Wednesday while banks demanded a record amount of cash at a euro zone money market auction.
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The percentage of U.S. mortgages entering foreclosure in the first three months of the year was the highest in more than 50 years. according to the Mortgage Bankers Association.
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Home foreclosure filings surged in the  largest metropolitan areas in the United States during 2007,  with cities in California, Ohio, Florida and Michigan reporting  among the highest rates in the country, real estate data firm  RealtyTrac said on Wednesday.
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U.S. foreclosures last month more than doubled versus August 2006 and jumped 36 percent from July, a trend that signals more homeowners are unable to pay their mortgages
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As mortgage defaults rise, more houses are being put up for auction  -  and more people are seeing a chance to make big bucks. But there are risks
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Delinquencies and foreclosures among homeowners with weak credit moved higher in the first quarter.