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(us) Forecloses Up 57%

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The number of homes facing foreclosure in the US rose 57% in January compared with the same month of 2007.

Exactly 233,001 homes received at least one notice about overdue payments last month, compared with 148,425 in January 2007, US property site RealtyTrac said.

There was a 90% increase in the number of houses being repossessed by banks compared with January 2007.

The figures come despite attempts by lenders to modify loan terms and work out long-term repayment plans.

"The loan workout modification programmes aren't having a significant material effect on keeping properties from going back to the banks," Rick Sharga from RealtyTrac said.

The figures came as the chief economist of the mortgage finance company Freddie Mac warned of falling house prices and rising foreclosures for the next two years.

"2008 is not going to be a pretty year," Frank Nothaft said.

"We'll see some improvement in 2009, but not for house prices."

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just gets worse and worse. Is it me, or did the real bad news appear to slow down in January right up until last week? If i was yfs I'd just fukc off for a decade or more. This economic boom, sorry, false economy created by exuberant credit expansion, is going to take a decade to wash out of the system. <_<

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  • 294 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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