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Foreclosures still on the rise

February 26, 2008 - Steve Murch
The home mortgage crisis certainly seems as if it’s going to keep getting worse before turning around. News the last couple of days seems to point that out.

The Associated Press reported Monday that RealtyTrac reported homes facing foreclosure jumped 57 percent in January, compared to a year ago. The story states 233,011 homes received at least one notice from lenders related to overdue payments — half involved first-times default notices. January’s figures were an 8 percent jump over December.

The other story by the AP said U.S. home prices dropped 8.9 percent in the final quarter of 2007 compared with a year ago. This comes from Standard & Poor’s, which said it is the steepest decline in the 20-year history of its housing index.

The story went on to state that home prices dropped 5.4 percent from the previous three-month period and was the largest quarter-to-quarter decline in the index’s history.

Not only are homes facing foreclosure, those that aren’t are losing sales value.

The first story said the U.S. foreclosure rate last month was one filing for every 534 homes. Fort Myers, Fla., led the way with one filing per 86 homes in some state of foreclosure

Nevada led the nation, with 6,087 properties receiving at least one filing, up 95 percent from a year earlier but down 45 percent from December, according to RealtyTrac.

If there is good news for Michigan, it’s that,while still in the top 10 states, it has dropped to number 10 — at least for one month.


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