KKTV - Economy - Headlines

Foreclosure Rates Up 25 Percent Year-Over-Year

By: Associated Press Email
By: Associated Press Email
** FILE ** In this July 2, 2008 file photo, a foreclosed home is seen for sale in Sacramento, Calif.  A record 9 percent of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis continues to mount, the Mortgage Bankers Association said Friday, Sept. 5, 2008. (AP Photo/Rich Pedroncelli, file)

** FILE ** In this July 2, 2008 file photo, a foreclosed home is seen for sale in Sacramento, Calif. A record 9 percent of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis continues to mount, the Mortgage Bankers Association said Friday, Sept. 5, 2008. (AP Photo/Rich Pedroncelli, file)

More homeowners are being caught in the foreclosure net.

New data show the number in October grew 25 percent nationally over the same month in 2007.

The tracking firm RealtyTrac says more than 279,500 U.S. homes received at least one foreclosure-related notice in October, an increase of 5 percent over September. One in every 452 housing units received a foreclosure filing, such as a default notice, auction sale notice or bank repossession.

More than 84,000 properties were repossessed in October.

A nasty brew of strict lending standards, falling home values and a tough economy is filtering through the housing market. By the end of the year, the company expects more than a million bank-owned properties to have piled up on the market, representing around a third of all properties for sale in the U.S.


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