U.S. HOME FORECLOSURES JUMP 90% AS MORTGAGES RESET

Feb. 26 (Bloomberg) — Bank seizures of U.S. homes almost doubled in January as property owners failed to make higher payments on adjustable-rate mortgages.

Repossessions rose 90 percent to 45,327 last month from the same period a year ago, according to RealtyTrac Inc., a seller of foreclosure statistics that has a database of more than 1 million properties. Total foreclosure filings, which include default and auction notices as well as bank seizures, increased 57 percent.

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Home prices in 20 U.S. metropolitan areas fell in December by the most on record, according to the S&P/Case-Shiller home-price index released today. The measure dropped 9.1 percent from a year earlier. Nationwide, home prices fell 8.9 percent in the fourth quarter from a year earlier, the biggest decline in 20 years of Case-Shiller records.

RLCC: Are you able to see that the system is corrupt and that no tinkering will fix it? The common people need their land back (the Commons) to grow food to feed themselves and everyone. Please help now.

Originally from legitgov on February 26, 2008, 7:24pm

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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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