Foreclosures up overall in February
A report out from RealtyTrac says nearly 1 in 300,000 homes received a foreclosure notice last month, which is up since January and since last year in general. Ashley Milne-Tyte reports where more of the foreclosures are centered.
A bus drives by a foreclosed home in Las Vegas, Nev. (Ethan Miller/Getty Images)
More on Housing - Real Estate, America's Financial Crisis
TEXT OF STORY
Steve Chiotakis: February was yet another bad month for foreclosures. In a a report out this morning, RealtyTrac says nearly 300,000 homeowners received at least one foreclosure notice last month. That's a jump of 6 percent from the motnh before. And compared to last year, things look even worse. The latest from Ashley Milne-Tyte.
Ashley Milne-Tyte: The report shows February foreclosures were up 30 percent from last year. And that's something of a surprise, says Rick Sharga of RealtyTrac:
This month, at least technically speaking, shouldn't have seen an increase at all. A lot of the major servicers including Fannie Mae, Freddie Mac, Citigroup, JP Morgan Chase and Bank of America had imposed moratoria on foreclosure activity through March 6t.
Most foreclosures are still concentrated in the west and in Florida. But they're rising fast in states like Idaho, Oregon and Illinois. Sharga says that may represent the first wave of unemployment-driven foreclosures.
The Obama administration launched its plan to stem the foreclosure crisis last week. It aims to keep up to 9 million people in their homes through refinancing or loan modification. Bur Sharga says their efforts will probably have only a slight impact on the foreclosure rate.
I'm Ashley Milne-Tyte for Marketplace.
Comments
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03/16/2009
Hi Tina, I'm pretty sure you will never see this because you seem like the type of person that never looks back. If you think I am rich, then I have a rude awakening for you. Why don't you see stories that say 90% of US employed or 90% housed? Because looking at France and socialist countries 90% is good! If you really want to know what is going on, read more about "mark to market", but you'll never see this.
From Ocean Side, CA, 03/12/2009
Dear Pythium, which part of the La La land you are living in?? It's easy for you rich people to sit and talk....get real and watch real news...
From MD, 03/12/2009
What is the total amount of foreclosures nationwide? 10-15%? That isn't very high considering people who are staying put aren't losing anything, and getting cheaper property taxes. This story seems like hype to get the majority to give to the minority.
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