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Foreclosures Soar 81%

States where property prices spiked during boom now seeing highest foreclosure rates

By Rob Quinn,  Newser Staff

Posted Jan 15, 2009 6:05 AM CST

(Newser) – Foreclosures rocketed 81% in the US during 2008, affecting one of every 54 households in the nation, reports Reuters. A total of 3.2 million foreclosures were filed, according to research firm Realtytrac. The hardest-hit states were Nevada, Florida, Arizona, and California, the same states where property prices surged the highest during the property boom.

Nearly 3.2 million foreclosure filings on 2.3 million properties were made last year.
Nearly 3.2 million foreclosure filings on 2.3 million properties were made last year.   (Shutter Stock)
A sign in front of a foreclosed home in Antioch, Calif. is seen Thursday, Aug. 14, 2008. California, Florida, Nevada, and Arizona are the states with last year's highest foreclosure rates.
A sign in front of a foreclosed home in Antioch, Calif. is seen Thursday, Aug. 14, 2008. California, Florida, Nevada, and Arizona are the states with last year's highest foreclosure rates.   (AP Photo/Paul Sakuma)
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Clearly the foreclosure prevention programs implemented to date have not had any real success in slowing down this foreclosure tsunami. - James J. Saccacio, chief executive officer of research firm RealtyTrac

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COMMENTS
Showing 1 of 1 comment
Caps
Jan 15, 2009 5:26 AM CST
Read this Queenie, and then say your Bushie friend was that great.

Foreclosures up 225% from 2006
CNN

Millions more foreclosures expected without fresh policy
Bloomberg

Preventing foreclosures Job No. 1 for Obama's HUD nominee
Financial Week

Money • US

 
real estate • mortgage • property • homeowners • foreclosures

 
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