Saturday, May 13, 2006

Foreclosure News From Across The US

A round up of foreclosre news across the US. "According to a Framingham company that tracks foreclosure proceedings, the number initiated in the Bay State for the first three months of the year increased to nearly 3,800, up 30 percent from the number of proceedings that began in the first quarter of 2005. 'What we’re looking at is the number of properties being foreclosed upon, and that’s increasing tremendously,' said Jeremy Shapiro."

"The number of homes transferred through foreclosure auctions in Plymouth County in the first four months of this year more than doubled over the first four months of last year, according to the Plymouth County Registry. In Norfolk County, the number of homes rose to 58 in the same period, from 19 last year."

"The American dream is in tatters for record numbers of southeast Michigan homeowners, leaving the dreaded dandelion and annoyed neighbors in its wake. Spring is barely here, but a winter of soaring home foreclosures has left thousands of abandoned, weed-choked lawns in neighborhoods from Downriver to West Bloomfield and St. Clair Shores."

"'It's everywhere. People are just walking away, absolutely walking away, from their properties,' said D. Wayne O'Neal, city manager of Eastpointe."

From New Hampshire. "Strafford County Register of Deeds Leo Lessard said the number of advertised foreclosures has tripled in the last few years. There were 44 foreclosures in his county in all of last year, and 36 so far this year. 'We'll probably have about 100 this year,' Lessard said."

North Carolina. "Charlotte homeowners are losing their houses in record numbers. The clerk’s office in Mecklenburg County told 6NEWS they get about 200 foreclosure filings a week. A look at the bigger picture reveals that foreclosure filings have increased almost 300 percent since 1998. The trend is heartbreaking to some home owners and an opportunity to some of the businessmen."

From Alabama. "'Alot of people actually financed homes they could not afford,' says economist Dr. Mike Daniels. And now some economist say the local housing bubble could burst. Experts say forclosures in Columbus are up 25 percent from last year. The culprit, rising mortgage rates. Something a lot of homeowners didn't budget for."

"'I don't think people really read the fine print about what was going to happen to their payment when the interest rates went up,' says Daniels. Many home buyers opted for high risk interest only loans that allow a low down payment and low monthly payments, that is until interest rates soared. So far they've gone up 16 times since June of 2004."

"The Consumer Credit Counceling Service says 200 people filed for bankruptcy last march mostly caused by foreclosures.'

"The rate is rising and some people can't handle the payment and it's sad but it's true. So again The American Dream is still here some will have to struggle to make it happen,"says Bill Enfinger American Equity Associates.


At 7:16 PM, Blogger Chip said...

Some economist:

"'Alot of people actually financed homes they could not afford,' says economist Dr. Mike Daniels."

Not sure what you have to do to be called an economist in Alabama, but "actually" is either an unfortunate habit or an indication that Dr. Daniels was sort of blindsided by this.

At 7:17 PM, Blogger Stuff You Should Know said...

I can't say I disagree.


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