Foreclosures Continue to Rise
Tuesday, June 24th, 2008According to the Associate Press, foreclosure filings were up almost 50 percent for the month of May. Across the nation, 261,255 homes received at least one foreclosure related filing.
The article goes on to state that with weak housing sales, falling home values, tighter mortgage lending criteria and a slowing United State’s economy has forced homeowners to lost their homes through foreclosure.
All but 10 states showed an increase in foreclosure filings with Nevada, California, Arizona, Florida and Michigan with the highest foreclosure rates.
AP also reported that in some neighborhoods, lenders are dropping prices so much in an effort to get rid of their foreclosed properties.
It’s clear that homeowners have overextended themselves and though this might be bad news for some, it’s good news for those who are looking to find bargains in the real estate market.
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The trend appears to be for continue slow housing starts and falling housing prices—the perfect recipe for investors looking for a bargain in real estate.
