Foreclosures Up 9% in July, California, Florida, Michigan, Ohio and Georgia Hit Hard

[lovuian]

http://www.enn.com/business/article/22089

IRVINE, Calif. - A non-governmental forclosure analysis report for July 2007 shows a total of 179,599 foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported during the month, up 9 percent from the previous month and up 93 percent from July 2006. The report also shows a national foreclosure rate of one foreclosure filing for every 693 households for the month.

The report was done by RealtyTrac, a company that publishes a national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal's Real Estate Journal.

"While 43 states experienced year-over-year increases in foreclosure activity, just five states -- California, Florida, Michigan, Ohio and Georgia -- accounted for more than half of the nation's total foreclosure filings," said James J. Saccacio, chief executive officer of RealtyTrac. "Meanwhile, a few states actually reported declining foreclosure activity on a year-over-year basis. Some of these states could be benefiting from increased interest from real estate investors who have pulled out of more volatile markets where home price appreciation seems to have hit its peak for the time being. In contrast, states like Texas, South Carolina and Utah have seen slow but steady price appreciation over the past five years, making them much more attractive and affordable."

Nevada, Georgia, Michigan post top foreclosure rates

Nevada documented the nation's highest state foreclosure rate for the seventh month in a row, one foreclosure filing for every 199 households -- more than three times the national average. The state reported a total of 5,116 foreclosure filings during the month, up 8 percent from the previous month and up 215 percent from July 2006.
more...

this is Armegedon OMG
what are these people going to do

Foreclosure Tsunami' Slams America's Heartland

http://www.enn.com/business/article/22030

[phantom power]

1. I'll tell you one thing they'll do...

move in with their brother-in-law.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=115&topic_id=109463&mesg_id=109463

[Solar_Power]

8. Good for homebuyers - bad for speculators

Shelter should be affordable for everyone

Speculators drove prices to insane levels. A small studio apartment in Manhattan costs over $1 million.

[napi21]

2. I know 2 people in Ga.. who lost their home. In both cases it was their own fault!

Both bought larger homes than they could reasonably afford, and as the value increased each year, they took out higher and higher home equity loans and spent the $$ on foolish things like expensive restaurants, Six flag passes, and expensive cars! Once they had maxed out the equity AND their credit cards, they realized they couldn't pay the monthly payments. The fancy meals and the fun at the theme park were distant memories with no residual value, the cars had depreciated below what they owed on them, and bankruptcy was the only out!

Both are now renters in much smaller homes, but guess what? Both have TWO NEW CREDIT CARDS and they're starting this BS all over again!

They may well be the minority of those who lost their homes, but I'm also positive they aren't the only ones who were irresponsible either.

[spoony]

3. In the last six months I've lost three neighbours

to foreclosures. SE Michigan sure is taking one hell of a pounding :(

[madrchsod]

4. 7 foreclosures in the paper tonight..

2 were about 90,000 dollars and 5 were less 60,000....not one of the loans were from a local bank or savings and loan.this has been happening for the last 6-8 months

[blues90]

5. Why is it when this topic comes up there are alway there who place blame ?

There is alot more to this picture that always gets left out .

Sure maybe there are people who went over board , there were many who we conviced they could make the payments and could until the interest rate went through the roof and this is the lenders ripping off people with their in-human greed same as \credit cards . THe ones we have we could easily pay until they came along and doubled the interest rate , we did not get the cards at this rate and never would have if the interest rates were so damn high .

Many people had homes for years and lost them either due to job loss or medical expenses not covered by their insurance . It's all a rip off and planned scam and the ones making out are the criminals who set this up and then the banks get bailed out .

Look what happened in Flint Michigan when the jobs went away thanks to GM . This is the case now all over the country and it's a crime to just toss the american worker to the side as garbage once the corps got to where they are because of the worker .

This is the reason why people should band together and buy nothing , no new cars or homes or anything else . I know this will never happen willfully but it will once the money people have drys up , so you choose when and how instead of them . It's the only way .

[lovuian]

6. this is really bad because the ripple effects are going

to be felt everywhere

[slackmaster]

7. One thing a lot of people don't realize is you can get hit with a big tax bill

When your debt is "forgiven". The IRS views it as a form of income.