Foreclosures on bid by Claudia Sonea

In the third quarter many US homeowners forced themselves to pay their mortgages, but according to a mortgage data company statement on Thursday the number of foreclosures doubled. One foreclosure filing for every 196 households in the nation represents the largest year-over-year increase in the history, 33.9 percent higher than the second quarter figures. Due to the fact that many people could not afford to pay their mortgages, especially in Massachusetts, Michigan, Ohio, Colorado, Arizona, Georgia, Indiana and Texas, there were many foreclosures filling like notices of default, auction sale notices or bank repossessions. A total of 635,159 filings was reported in the third quarter and RealtyTrac CEO James J. Saccacio that since the company began issuing foreclosure filing reports August and September accounted for the highest monthly totals. But it comes as no surprise due to the continuing weakness in home sales. Mortgage lenders are facing difficulties especially because the interest rates have increased and they receive a lot of defaults. Initially the loan was attractive because the interest rates kept a low monthly payment. Now they are stuck, they don't afford to pay their monthly payment, not to sell their houses due to home sales in decline and prices down or flat in many regions. According to RealtyTrac Nevada, California and Florida had the highest foreclosure rates. The market is very unstable and the housing slump has negative effects on the economy and people's wealth. Fed's decision to increase interest rates was benefic for investors, still for common people who have mortgages to pay, it proved to be lethal. Will there be changes soon? Stay connected and wired to the latest news.

related story: http://news.yahoo.com/s/ap/20071101/ap_on_bi_ge/foreclosure_rates;_ylt=AmUK_sVv.Wmo5gbyXBvrY2.s0NUE

by Claudia Sonea for PocketNews (http://pocketnews.tv)

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Edited by Iveta Nagyova