Thread: Foreclosures jump 35% nationwide

Foreclosures jump 35% nationwide

One big factor behind the increase: rising interest rates on adjustable mortgages. Colorado posted the highest foreclosure rate last month, its ninth time atop the rankings in 2006.
By MSN Money staff
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Property foreclosures in December rose 35% over the year before, with one household in every 1,055 U.S. households in some stage of foreclosure.

According the RealtyTrac, an online marketplace for foreclosure properties, 109,652 properties entered the nation's foreclosure process during the month. Though that's a 9% decline from November, it's the fifth straight month the number has topped 100,000.

"While the number of new foreclosure filings dropped back from the high point of 2006 in November, the combination of slower home sales and rising interest rates on adjustable mortgages continues to drive foreclosures at significantly higher numbers than a year ago," said James J. Saccacio, RealtyTrac's chief executive officer.

Colorado reclaims top foreclosure rate
Colorado posted the nation’s highest state foreclosure rate in December: one new filing for every 376 households despite a nearly 4% dip in foreclosure activity from the previous month. The state registered the highest monthly rate for the ninth time in 2006, reclaiming the top spot back from Nevada. Nevada’s foreclosure rate of one new filing for every 392 households constituted a 12% decrease, dropping it to No. 2.

Georgia also reported a decrease in foreclosure activity, but the state’s foreclosure rate -- one new filing for every 480 households -- ranked third-highest in the nation for the third month in a row.
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Top metro rates in Colorado, Texas, Michigan
Among metropolitan areas, Greeley, Colo., posted the highest foreclosure rate among the nation’s 200-plus largest metro areas for the fifth month in a row. The Greeley area documented 391 properties entering some stage of foreclosure, a rate of one new filing for every 169 households, about six times the national average.

Fort Worth, Texas, documented the nation’s second-highest metro foreclosure rate in December, with one new filing for every 242 households, nearly four times the national average. The metro area reported 2,862 properties entering some stage of foreclosure.

Foreclosures decreased less than 1% in the Detroit area, and the city’s foreclosure rate of one new filing for every 250 households ranked as the third-highest metropolitan foreclosure rate in the nation.

RealtyTrac’s report includes properties in all three phases of foreclosure: defaults, notice of trustee sale and real-estate-owned.


See the Chart

http://realestate.msn.com/buying/Articl ... id=2507006

Part of the problem in Greeley and Colorado in general is the proliferation of no-doc and other non-conforming mortgage products aimed at illegals. They CAN buy houses.

More on the mortgages to illegals factor:

http://getforeclosures.blogspot.com/200 ... ts-in.html

http://www.realestatejournal.com/buysel ... refresh=on

http://www.sfgate.com/cgi-bin/article.c ... e=politics

http://www.homelandstupidity.us/2006/12 ... aud-fever/

There's plenty more where that come from. I believe I purchased my Aurora home from illegals who were in a hurrry to get back.