Tuesday, December 20, 2005

Defaults Follow 'Flat' Hoousing Markets

Inman News has the latest on which cities are seeing defaults rise. "Real estate foreclosure activity has edged up in California, New Jersey and in the Las Vegas area of Nevada at the end of the third quarter, according to data from a real estate information publisher. 'We saw increases in defaults month to month at the end of the third quarter in eight of 13 northern California counties that we cover...and in four of five southern California counties,' said Alexis McGee."

"McGee cited a steady rise in mortgage interest rates, flattening of home-price-appreciation levels and the increased use of high risk loans for expensive homes as factors putting homeowners at risk of possible foreclosure."

"Meanwhile, new foreclosure filings in Clark County, Nev., increased to 1,743 in the third quarter from 1,498 in the second quarter. And new filings of foreclosure cases in New Jersey started to creep up to 3,668 at the end of the third quarter from 3,228 in the second quarter."


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