MIAMI (AP) -- The number of U.S. households faced with losing their homes to foreclosure jumped 32 percent in April compared with the same month last year, with Nevada, Florida and California showing the highest rates, according to data released Wednesday. Ohio was in the top 10.
More than 342,000 households received at least one foreclosure-related notice in April, RealtyTrac Inc. said. That means one in every 374 U.S. housing units received a foreclosure filing last month, the highest monthly rate since the Irvine, Calif.-based foreclosure listing firm began its report in January 2005.
April was the second straight month with more than 300,000 households receiving a foreclosure filing, as the number of borrowers with mortgage troubles failed to abate.
The April number, however, was less than one percent above that posted in March, when more than 340,000 properties were affected. The March data was up 17 percent from February and 46 percent from a year earlier.
"We've never seen two consecutive months like this," said Rick Sharga, RealtyTrac's senior vice president for marketing. "It's the volume that's surprising."
While total foreclosure activity was up, the number of repossessions by banks was down on a monthly and annual basis to their lowest level since March of last year, RealtyTrac said.
But that's far from positive news. Because much of the foreclosure activity in April was in the default and auction stages -- the first parts of the foreclosure process -- it's likely that repossessions will increase in coming months, RealtyTrac said.
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340,000 WHOLLY jesus jumping WOW , do you guys realize this is 1% of the poulation every month losing their homes ? and these are government statistics so you can maybe 2x it just maybe , hang on to your hats
ReplyDeleteDo I hear 3x? Liars. Just look around. Much worse.
ReplyDeleteCamping gear is a good idea. Tents, bags, propane, cookers, hot shower makers, buckets, makeshift toilet, fuel tabs, lamps, oil. They will all be in high demand. Shut off your water and electricity for one weekend and focus on all the things you need in that situation.
ReplyDeleteyeah
ReplyDeleteJust wait til july/August when the first round of June 2008 layoffs run out of Unemployement benefits WOW . Time to lock and load , overthrow this fascist government ?
said to be 3 million that run out on june 1 rst , so maybe its 9 million
ReplyDeleteDon't spend a penny on non essentials anymore. Buy only things you need to survive through this central bank engineered collapse. Store food, store water. That is not fear mongering. It is your best course of action for what lies ahead. The government, your friends, your neighbors, even your family won't be there for you. Like Gerrald Celente says, when people have nothing to lose, they lose it.
ReplyDeleteThe storm has gathered. It is now blowing toward the shoreline.
ReplyDeleteMany will believe it is not true, even as the waves are breaking all around them. This is no typical storm. It will wash away millions in its wake.
It will be severe. Some will not survive the storm. Others will survive but will be injured badly.
As always, it is prudent to gather your family and loved ones around you. Hold fast to the eternal truths.
Prepare now or suffer the consequences.
The funny thing is people are walking around unemployed using their credit cards, buying like drunken sailors. Wait until the bill comes in..
ReplyDelete"The funny thing is people are walking around unemployed using their credit cards, buying like drunken sailors. Wait until the bill comes in.."
ReplyDeleteI think is possibly because they know this ship is going down, and are getting in one last binge before it does. They know they will never have to pay it. It's also exactly what I will do to get essentials if I have to.
You nailed it. A friend of mine is traveling the world on his CCs living like a king. He told me by the end of the year it will be over anyway so stop whining and have some fun. If the blonde sitting next to him in his Vegas rented Ferrari only knew he has -0- assets :).
ReplyDeleteTrex,
ReplyDeleteI think your numbers are a little off. The 340,000 figure ammounts to roughly 4/10ths to 1/2 of 1%. Still that is a lot, and combined with the knowledge that the numbers are likely much higher but not reported because financial institutions do not want to write down their assets, it is possible that 1% of US homeowners defaulted last month, and the month before that.
TARP went mainly to financial institutions that suffered losses as a result of derivatives, so the money essentially has not gone to the housing bubble problem (just to clear the gambling debts related to the housing market). Instead of bailing out the troubled housing market with one last almost healthy infusion of tax dollars, the government bailed out the greediest and most unethical players. Home of the free my backside.
Trex,
ReplyDeleteI think the Obambi administration will just extend the benefits. State coffers are running dry but no matter, they will print another 200 billion and keep paying people indefinitely. My brother is unemployed in California right now, southern California, and completely unable to find any work. People there just keep getting extensions left and right. Obambi isn't about to not let your kids and my kids not have to pay back our debt, hey it's all about the here and now man!