2007 foreclosures nearly double that of 2006 0
Riddle me this — if the economy is doing so well, why are home foreclosures going up? I mean, if there is so much money going around, am I left to believe that people, in record numbers, are just choosing not to pay their mortgages?
The real estate information company, RealtyTrac Inc., of Irvine, CA, has released its foreclosure figures for the time frame of September 2006-September 2007 and the findings are disheartening. For the month of September 2007, alone, 223,538 foreclosures were filed. Then number for September 2006 was 112,210, which just missed doubling last year by a mere 882 filings. RealtyTrac did say, however, that this number was lower that August 2007 — in that month 243,947 foreclosures were filed.
However, the company is also saying that, despite September’s numbers being lower than August’s, this should not be seen as an end in the cycle of foreclosures. With the rates on adjustable rate mortgages increasing, it would be expected that more will lose their homes due to an inability to afford the higher mortgage payments.
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