The Real Estate Weblog

Top drawer writer Alex Veiga of the Associated Press reported
yesterday on the yahoo news network and various other news outlets that foreclosure filings across the United States has gone up by around half compared
with the same month of 2006. This negative news has been caused mainly due to financially struggling house buyers who are already behind on their payments
having defaulted or at least moved nearer to losing their houses to foreclosure, according to the AP article.
His report was based data from a noted real estate info. firm which specilaizes in data on this particular subject area. This is bad news indeed for the economy in general and the real estate/housing market in particular…….

On the whole, The foreclosure ratio for the United States last month was a single foreclosure filing for every 557 households, according to the data.
The United States housing market has seen sales decline and home prices fall or at least remain flat, making it much more difficult for homeowners who cannot afford to make their payments to sell their homes or seek refinancing.
Many of these same homeowners were among those who took on adjustable-rate or ARM loans which are now adjusting to a higher interest ratio. This means payments that they can ill-afford to make, unfortunately.
Last month, Nevada, Florida & California had the highest foreclosure rates in the United States.
These surging delinquencies have had a very undesirable ramification: they have prompted the mortgage industry to further tighten up it’s lending standards, thus reducing options for house owners who are struggling to make
their payments. Not it is more difficult than ever to get a home loan approved if you have average credit and an average income, unfortunately.