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WSJ: Forclosures Up 75% in 2007
By JLP | January 29, 2008
I saw this ($) in today’s Wall Street Journal:
Foreclosure filings soared 75% in 2007 from a year earlier as credit trouble and falling home values fell on homeowners, a foreclosure-listing service said.
There were 2.2 million foreclosure filings last year. More than 1% of all U.S. households were in some stage of foreclosure during the year, up from 0.58% in 2006, RealtyTrac said.
In December, foreclosure filings zoomed 97% from a year earlier, giving the fourth quarter the highest quarterly total since RealtyTrac, Irvine, Calif., began issuing its report in January 2005.
According to the article, California had the highest number of foreclosures (279,325 filings) while Nevada had the highest percentage of foreclosures (3.4% of its households are in some stage of foreclosure). Here’s a state-by-state look if you’re interested.
It could get even worse in 2008.
Topics: Housing Market | 1 Comment »
January 29th, 2008 at 1:02 pm
Just a quick comment on the more than 1% of households are in some stage of foreclosure. This includes everything from foreclosure to late payments. To give benefit of doubt to the WSJ that number probably only includes payments late enough to generate the late payment penalty. It happened to be on MSNBC today as part of the now normal “we are doomed for recession and possibly the next Great Depression, so stay tuned for more information” broadcasting.