« Arlington County Real Estate Tax Rate remains Unchanged | Main | Interested in a new home? Who is looking out for you, the buyer? »
Filings for Foreclosures across the country increased during the first quarter of 2007
By robertearl | April 28, 2007
Filings for Foreclosures across the country increased during the first quarter of 2007, as home price increases slowed or even reversed and loan holders fell behind on payments once their adjustable rates began resetting at much higher levels.
The number of foreclosures climbed 27 percent in the first quarter compared with the fourth quarter of 2006 and 35 percent from a year earlier
There were more than 430,000 foreclosure filings nationwide, one for every 264 households.
Foreclosures are expected to continue to increase all year as many of the numerous adjustable-rate mortgages written during 2004 and 2005 hit the dates of their first resets, when their interest rates can increase by three percentage points or more.
The resets may turn barely affordable loans into totally unaffordable ones for borrowers, forcing them to go into default.
Many homeowners - some consumer advocates group estimate as many as 2.4 million - are in danger of losing their homes over the next couple of years.
Information pertaining to this story: (For Home Owners = there are options, for Home Buyers = there are opportunities)
The Earl of Real Estate’s Sold in 77 Day Guarantee.
Lists of Bank Owned / Foreclosure Northern Virginia Real Estate.
* 77 Bank Owned / Foreclosure Single Family Homes & Townhomes for Sale
* Condos - Bank Owned & Foreclosures
Technorati Tags: Foreclosures, foreclosure filings, Northern Virginia Real Estate, Robert Earl, The Earl of Real Estate
Topics: Northern Virginia Real Estate |