Economists Puzzle Over Rash Of Foreclosures
According to a recently released study, foreclosure filings in the first three months of 2008 rose more than 112% over last year.
Real estate information firm RealtyTrac reported that nearly 650,000 foreclosure filings – which include notices of default, auction sales and bank repossessions – were issued in the first quarter. That represents 1 of every 194 households and marks a 23% increase from the last quarter of 2007.
The news comes despite increased foreclosure prevention efforts by lenders and community organizations. Hope Now, the coalition of mortgage lenders, servicers investors and community groups, announced Monday that it helped over a half a million home owners avoid foreclosure during the first three months of the year.
