Mortgage foreclosures up 65% from last year.
With the state of affairs as they currently are more homeowners have continued to fall behind on their mortgages. The numbers are a staggering 65 percent increase from this same time last year. The hardest hit states reported are Nevada, Arizona, California and Florida. But this is a nationwide epidemic and is reaching a very hard turn in the U.S. economy.
RealtyTrac Inc. has monitored default notices along with bank repossessions and auction sale notices to come up with the results. They also report that one in every 519 households received a foreclosure filing in April.
Many homeowners faced with the increased fuel costs and other financial difficulties are struggling to pay their mortgages. Selling their home is not an option as the continued weak housing sales and the falling home values have left everyone in quite a state.
The mortgage industry and the goverment are not doing enough to keep up with the rising number of people who are falling behind and once that process is begun it is almost impossible for people to be able to play catch up and stay ahead of the game.
The current forcast is for more than one millon home foreclosures in 2008. This is a rising problem in the United States and needs addressed immediately. However, there is a homeowner aid package which is to clear the senate but the White House has threatened to veto the plan.
There seems to be no end in sight to the rising foreclosures across America. The majority of these foreclosures are happening to hard working middle class people who cannot keep up with the rising oil prices which is driving the market into high food prices, high utility bills and a much high cost of living. Until the oil prices are addressed, the mortgage foreclosures will continue to rise at a rapid pace and there is just no end in sight.