A new report from Congress's Joint Economic Committee predicts that there will be two million foreclosures on subprime mortgages by the end of next year.
That is one foreclosure for every four mortgages — twice the rate for California as a whole.
A man in Brown County, along the Ohio River, in the southwestern part of the state, said that a year ago there was one foreclosure notice in the local paper each week; now the number is six or eight, and the listings for the week of September 12th announced fifty-three foreclosalessales in a county with only fifteen thousand households.
But Texas and Georgia do have very different rules on mortgage lending, and so despite the similarity in price performance during the housing boom, the two states have experienced sharply diverging fortunes where defaults and foreclosures are concerned.Georgia is among the states hardest hit by delinquencies; there is one foreclosure filing for every 356 homes.
If you bought a house in Stockton, right now, where there's one foreclosure for every 31 households, according to RealtyTrac, it's likely that prices will continue to plummet.
Unfortunately for the residents of places such as Los Banos, Calif., Fernley, Nev., and San Jacinto, Calif., where there's one foreclosure for every 92, 87 or 85 people, respectively, it's going to take a lot more than hyper-buyers to revive the market.
Each plastic triangle represents a block where there have been three or more home foreclosures.
The average American homeowner is three paydays from foreclosure, and the average family is one payday from homelessness.
There are seven to 10 home foreclosures a week, giving the township the highest foreclosure rate in the county, Ms. Stumbo said.
There were five distressed home sales — four foreclosures and one short sale — in La Cañada Flintridge in July for a total loss to investors of more than $1 million, according to recently released real estate data.
