US housing problems by Claudia Sonea

Apparently Wall Street concerns regarding house slumps are not without reason. Irvine, California.-based RealtyTrac Inc. revealed the number of foreclosure filings were up 115 percent from 113,300 last year in the same month, August. Also there is even a striking difference from one month to another, so from July to August the number jumped 36 percent, proving that more and more people are unable to make timely payments on their mortgages or sell their homes due to the national housing problem. Default notices, auction sale notices and bank repossessions were among the filings. According to RealtyTrac Chief Executive James J. Saccacio as a large number of subprime adjustable rate loans will reset and it will lead to a new wave of increased foreclosure activity. The main problem is subprime loans and adjustable rate mortgages, because in the beginning the rates were more than acceptable, but in time the banks increased them leaving the borrower without the possibility of paying. There are also figures that show that many of the houses end up back to the borrowers due to the fact that they are not picked up in the estate sales. In August the number of repossessions reached 42,789, the highest foreclosure rates in the country being registered in Nevada, California and Florida. Nevada reported one foreclosure filing for every 165 households, California one filing for every 224 households, while Florida had one foreclosure filing for every 243 households. The 10 states with the highest foreclosure rates were Georgia, Ohio, Michigan, Arizona, Colorado, Texas and Indiana. How will this influence the stock market and how will it be affected by the Fed decision? There is no good forecast for the next month for Wall Street. Stay connected and track to see where everything is heading.

related story: http://news.yahoo.com/s/ap/20070918/ap_on_bi_ge/foreclosure_rates;_ylt=AgQoMICw4XvXni7rrnpgIfms0NUE

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

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.

These news are brought to you by CantellTV, its technology partner SigEx Telecom and its founder Chris Cantell. CantellTV is the fastest growing provider of digital broadcasting coupled with enhanced communications, allowing people to easily control, view, upload and share digital content through proprietary interface. CantellTV has relationships with a growing network of international clients delivering millions of videos per day with more than 50,000 new videos uploaded and 200 hours of new TV shows broadcasted daily to a wide range of viewers, from 5 to 7 year olds of LiveCartoons; to 16 to 24 year old active social users of MyJumps; to fortune 50 corporate clients utilizing enhanced broadcasting services. CantellTV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers. Chris Cantell retains consulting arrangements with several pre-IPO companies.

edited by Barbora Matulova