Foreclosures Continue To Rise In Most Areas
The increased rate of foreclosures does not seem to be showing any significant signs that it is slowing down.
Foreclosure rates are still high in many areas of the country amid reports that mortgage giants like Countrywide are feeling the effects of the trend in their bottom line which has resulted in the company tapping a $11.5 Billion credit line and facing the possibility of laying off employees.
Around the country, the numbers are not terribly encouraging:
In San Diego County, California, foreclosures were up to 2,896 for the first half of 2007, compared to 445 for the same period last year — a 551% increase!
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In Osceola County, Florida, foreclosures are up 100% from May 2006 to May 2007. Not as bad as San Diego County, California, but still quite an increase.
In Fremont County, Colorado, there have been 200 foreclosures so far this year. It took until November of 2006 to reach that number.
Personally, I’m not surprised to see this dramatic rise in foreclosures. In recent years, some lenders have pushed adjustable mortgages pretty hard and some homeowners found themselves in over their heads when rates started increasing and their mortgage payments increased with them.
