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Foreclosure filings at a record high

June 13, 2008 5:59:59 AM PDT
Some grim numbers are out Friday morning on the housing market as the number of people losing their homes to foreclosure is at a new record high.The numbers suggest the nation is falling deeper into the housing crisis, and California is getting hit hard.

Foreclosures filings are now up 50 percent compared with this time last year. In fact foreclosures are up in all but 10 states, with California, Arizona, Nevada, Michigan and Florida having the highest statewide foreclosures.

California and Florida account for nine of the top 10 areas with the highest rate of foreclosures.

Stockton is at the top of the list for California, and the new report was released by Irvine-based Realty Track, which follows default notices, auction sales and bank repossessions.

The company said more than 261,000 homes had at least one foreclosure filing last month. That number is up 48 percent from last year and 7 percent since April.

One in every 483 U.S. homes received a foreclosure filing in May, the highest since Realty Track began following the market in 2005.

Now, 50 to 60 percent of homeowners who get foreclosure filings are likely to lose their homes, and some economists are predicting that home prices will fall another 10 percent by the end of 2009.

 

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