Home foreclosures surge
More than 430,000 U.S. foreclosure filings were reported in the first three months of 2007, an increase of 35 percent from the previous quarter, according to data just released by RealtyTrac.
Foreclosure filings include default notices, auction sale notices, and bank repossessions. RealtyTrac says there was one filing for every 264 households, marking the highest quarterly rate since the company began issuing reports 27 months ago.
“The rise in foreclosure activity was quite dramatic and widespread in the first quarter,” says James J. Saccacio, chief executive officer of RealtyTrac. “Certainly the surge in subprime defaults has contributed to the overall rise.”
RealtyTrac estimates that more than half of the first-quarter foreclosure activity was from subprime loans. However, it’s not just low-end homes that are affected, Saccacio says. “We’re seeing a rising percentage of foreclosures with an estimated market value of more than $750,000.”[tags]foreclosures,home foreclosures,real estate bubble,housing bubble,California real estate[/tags] San Diego downtown condos
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San Diego MLS home listings are about four times what they were just two years ago. I believe currently about 15,000 homes are listed for sale. cosmetic surgery San Diego
The San Diego real estate fall will have far reaching effects. I think we may soon be facing a regional recession! San Diego dentist