Foreclosures Jump 65% in April Over Last Year
The number of homes facing foreclosure grew 4% in April
from March and shot p 65% compared to April 2007, according
to RealtyTrac, Inc., which monitors default notices, auction
sale notices and bank repossessions. Nationwide, 243,353
homes received at least one foreclosure-related filing in
April. Nevada, Arizona, California and Florida were among
the hardest hit states, with metropolitan areas in
California and Florida accounting for nine of the top 10
areas with the highest rate of foreclosure, RealtyTrac
added. With weak housing sales, declining home values and
tougher lending standards by mortgage companies, troubled
homeowners have few options in avoiding foreclosure.
RealtyTrac added that nearly half of the properties that
received a filing received an initial notice of default,
suggesting many homes were new entrants to the foreclosure
process.
The U.S. House recently passed a bill that would offer
government insurance on $300 billion in new mortgages to
refinance loans for an estimated half-million borrowers
facing foreclosure. But, the bill must make it through the
Senate and White House, which has threatened a veto, saying
the bill amounts to a bailout.
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Date Last Updated: 05/16/2008 |
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