First, my apologies about that headline... not enough sleep. Bloomberg details:
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.