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Rising foreclosures have widespread falloutFilings in the U.S. were up 47% in March from a year ago, leaving a wake of vacant homes and overgrown yards for state and local governments to contend with. Even lenders are trying to help troubled borrowers.By Melinda Fulmer
The number of foreclosure filings -- from default notices to repossessions -- continued to surge in March, increasing 47% from the same period a year earlier and 7% from February. The 149,150 filings represent a foreclosure rate of one in every 775 households, according to Irvine, Calif.-based RealtyTrac. The March increase in foreclosures bucks the historical trend, lenders say. Typically, foreclosure activity declines in March, as more homeowners use tax refunds to bail themselves out of mortgage shortfalls caused by job loss, health problems or divorce. But this year, industry insiders and economists expect it only to get worse, as more adjustable-rate mortgages reset and borrowers with risky loans continue to falter. "I don't think we've hit the bottom of the market yet," says Rick Sharga, RealtyTrac vice president. "We should see at least one more short-term spike," as more subprime loans continue to go into default. Subprime loans add to problem Subprime lending has grown rapidly in recent years. These loans accounted for 2.4% of all outstanding loans in 2000, according to the Mortgage Bankers Association. But by the end of last year, they accounted for 13.7%. Nevada, which has had a lot of speculation and risky lending, had the highest foreclosure rate in March. The number of filings there increased 29% in the last month to 4,738, or one new filing for every 183 households. This was more than triple the amount reported the same time last year and four times the national average. Las Vegas had one of the nation's highest metro foreclosure rates in March, second only to Detroit. "You take high-risk properties and layer on high-risk loans and you have a recipe for high foreclosure rates," Sharga says.
Source: http://realestate.msn.com/Buying/Article2.aspx?cp-documentid=4819932>1=10029 |
