Credit, Economy and Financial News from TruckingFactor.com

Foreclosures Still a Big Problem

Nationwide, nearly 291,000 homes received at least one foreclosure-related notice in February, up 6% from January and 30% from February 2008, according to RealtyTrac. The increases came despite halts on new foreclosures by Fannie Mae and Freddie Mac, and major banks JPMorgan Chase, Morgan Stanley, Citigroup and Bank of America. Nevada, Arizona, California and Florida had the nation's top foreclosure rates. In Nevada, one in every 70 homes received a foreclosure filing, while the number was one every 147 in Arizona. Rounding out the top 10 were Idaho, Michigan, Illinois, Georgia, Oregon and Ohio. The news suggests that the housing slump is likely to continue for awhile, since it will take considerable time to burn through the backlog of unsold homes. The news also underscores the challenge ahead for President Obama and his administration, which is seeking to help up to nine million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.

Return to: Factoring, Credit and Economy News

Date Last Updated: 03/18/2009