Foreclosures increased 57% and bank repossessions almost doubled in March when compared with a year earlier, according to Bloomberg.
Figures from RealtyTrac, Inc. estimate that one in every 538 homes in the United States is in foreclosure, with Nevada, California and Florida feeling the brunt of the foreclosure action.
Experts are estimating that $460 billion worth of subprime mortgages will reset in 2008, and that foreclosure rates will continue to increase throughout the year.
This will mean even more houses in an already saturated market, which will likely translate to continued decreases in home prices.
Some experts are even predicting a recession lasting twice as long (20 months) as is considered normal.
With rising foreclosures, more people may turn to filing bankruptcy as a way to possibly stop foreclosure.
Tags: foreclosure, foreclosures
This entry was posted on Tuesday, April 15th, 2008 at 9:23 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.