Wednesday, April 19, 2006

Foreclosure Meltdown

It looks like the foreclosure meltdown might have begun -- "Foreclosures Soar 63 Percent over Last Year" -- and will probably only get worse given that as much as $2.5 trillion in hybrid ARMs will reset.

Some choice quotes:
RealtyTrac(TM) (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its March 2006 U.S. Foreclosure Market Report, which shows 101,597 properties nationwide entered some stage of foreclosure in March, a 13 percent decrease from the previous month but a 63 percent increase from March 2005. The report shows a March national foreclosure rate of one new foreclosure for every 1,138 U.S. households.

California reported 11,073 properties entering some stage of foreclosure in March, the second most of any state, and the state's foreclosure rate registered slightly above the national average thanks to a 22 percent increase from the previous month.

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