SocraticGadfly: Foreclosures double from year ago

September 18, 2007

Foreclosures double from year ago

They even jumped 36 percent from July. It sounds like there could be plenty of fallout to come:
“The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable rate loans are beginning to reset now,” RealtyTrac Chief Executive James J. Saccacio said.

One in every 510 households is now facing foreclosure. In Nevada, the hardest-hit state, it’s up to 1 in 166; California is not too far behind with 1 in 224.

Oh, and Texas politicians claiming the Lone Star State is immune from housing problems?

Wrong. Texas is No. 9 by foreclosure percentage among states.

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