Foreclosure statistics for the first quarter of 2008 were released today, and, as predicted, things are getting worse for the housing market.
Q1 of this year saw a 23% rise over foreclosure filings from Q4 2007, and a 112% rise over Q1 of 2007.
In raw numbers, around 650,000 homes have been repossessed, or 1 in every 194 households in America.
Some other frightening numbers from the CNN report linked above:
- Foreclosures increased in 46 states and in 90 of the nation's 100 largest metro areas.
- Previously "safe" areas saw massive foreclosure filings: Connecticut saw a 300% increase, while Massachusetts saw a 260% increase.
- The worst area for foreclosure is the Southwest, specifically California, Nevada and Arizona. Foreclosure hit 1 of every 54 homes in Nevada, and 1 in 44 homes in Las Vegas. Stockton, California remains the epicenter of the crisis, with 1 in 30 homes being foreclosed, with Riverside/San Bernardino coming in second with 1 in 38 homes.
If you're afraid you may lose your home to foreclosure, you may want to speak with a lawyer about how filing bankruptcy may stop foreclosure and protect your home.
Tags: foreclosure, foreclosure filings
This entry was posted on Tuesday, April 29th, 2008 at 9:29 am and is filed under Mortgage Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.