Foreclosures on the Rise
By: Liz Freeman
July 28, 2008
Foreclosure filings were reported on 739,714 U.S. properties during the second quarter 2008, a nearly 14 percent increase from the previous quarter and a 121 percent increase from the second quarter of 2007. One in every 171 U.S. households received a foreclosure filing during the quarter.
Nevada, California and Arizona reported the highest foreclosure rates in the nation but other states such as Colorado, Florida, Ohio and Michigna reported marked increases in the second quarter.
Overall, foreclosures across the country are up over 50% versus the same time period in 2007. Fannie Mae announced aggresive contributions to the Community Stabilization Home Loan Program, a program designed to help and assist first-time homebuyers purchase foreclosed properties in hard hit areas, namely the state of California.
