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The Masked Tulip

Total Of Americans Facing Foreclosure Doubles

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Sadly, coming to a town near you any day now.

The American housing slump is showing no signs of abating with the number of homeowners facing foreclosure more than doubling in the second quarter of the year.
Across the US one household in every 171 received a foreclosure notice during the three-month period. A foreclosure-related notice covers such situations as borrowers falling more than a month behind on mortgage repayments, repossessions and forced auctions. Nevada, California, Florida and Arizona had the highest foreclosure rates, with Stockton, in California, having one household in every 25 either seriously at risk of losing their home or having been evicted. In Nevada one household in every 43 received a foreclosure filing in the period.

Generally a bank takes six months to repossess a home and evict owners after a default on repayments.


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