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Home Seizures by Banks Jump 90% in Year  

Posted Feb 26, 08 2:00 PM CST in US,  Business    Editor's Choice

(newser) – Banks seized more than 45,000 homes in January, nearly double the number from a year ago and up 8% from December, Bloomberg reports. Rising adjustable-rate mortgage payments were the culprit. Total foreclosure filings, which include default and auction notices in addition to seizures, increased 57% to 233,001, the sixth consecutive month with more than 200,000 filings.

California led the nation in January foreclosures filed; 57,158 properties were in danger of being seized, up 120% over a year ago and 7% higher than in December. Next in line were Florida, Texas, Ohio, Michigan, Georgia, Arizona, Massachusetts, Illinois, and Colorado. RealtyTrac said 642,150 foreclosures were filed in the quarter, and CitiGroup said $460 billion of ARMs would reset in 2008.

Source Bloomberg

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housing crisis  • subprime crisis  • foreclosure  • mortgage crisis  • default  • housing sales  • mortgage defaults  • repossessions


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