Foreclosures almost doubled from ‘06: report
Al Yoon / Reuters
Residential foreclosure filings nearly doubled last quarter from a year earlier, and appear set to increase into 2008, a report said on Thursday.
Foreclosure filings for July-September rose to 635,159, representing one in every 196 households and a 30 percent jump from the second quarter, according to RealtyTrac, a marketer of foreclosure properties based in Irvine, California.
The level climbed in 45 out of 50 states in the quarter, led by Nevada, California and Florida, the report said. Little relief is expected as rising payments on some $650 billion in adjustable-rate loans from the current quarter through the end of 2008 will continue to pinch homeowners’ budgets.
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