Almost half the homeowners who bought in 2006 now owe more on their mortgages than their houses are worth, making it difficult for them to refinance without bringing cash to the closing, according to Seattle-based real estate data company Zillow.com.Think that's bad? Try this on. Aon (hat tip Infectious Greed) details the top ten foreclosure counties in California.
Forty-one percent of October home sales in Los Angeles and Phoenix were foreclosure auctions or financial firms trying to recoup lost loan value, Radar Logic said.
U.S. foreclosure filings increased 71 percent in the third quarter from a year earlier to the highest on record, according to RealtyTrac Inc., a Irvine, California-based provider of default data.
Foreclosures in these counties were up a whopping 2120% in 2008 as compared to 2006.
No apologies needed for the headline. It was interesting enough that I decided to read it. Rather than just assume that it is more bad housing data, and move on by without reading.
ReplyDeleteMy pet peeve -- unitless data. 60,000 foreclosures per WHAT? Per day, month, quarter, year?
ReplyDeleteBTW, no disrespect intended -- this is one of the top 9 blogs I visit every day.
ReplyDeleteno need to apologize. it is per year (i assumed incorrectly that the years on the x-axis was clear).
ReplyDelete