Friday, February 24, 2006

Defaults Rise in Strong, Weak Economies

Reports of more foreclosures are popping up in a variety of states. "It's a sign of the state of Michigan's economy; home foreclosures are on the rise. The Kent County Register of Deeds office reports that in 1999, 540 property foreclosures were recorded with the county. That number's grown annually. By 2005, foreclosures had nearly tripled, to more than 1,427."

"Foreclosures continue to rise. The Kent county Register of Deeds office says so far this year, workers are processing 40 to 50 per week. If that rate continues for all of 2006, it could mean more than 25-hundred foreclosures for the year."

"From first quarter to fourth quarter, New Jersey had a 100 percent increase in property foreclosures in 2005, putting it in the top 10 states with high foreclosure rates. Pennsylvania fared a little better with a 70 percent increase. The number of foreclosures nationwide increased by 25 percent over the year, to a total of 846,982 properties."


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