Our Neighbors Struggle

The assclown American president that claimed the housing boom of a couple years back reflected a strong economy. In recent months that statement was proven fals, once again showing bush to be, among other things, a liar.

The number of foreclosure filings reported in the U.S. last month more than doubled versus August 2006 and jumped 36 percent from July, a trend that signals many homeowners are increasingly unable to make timely payments on their mortgages or sell their homes amid a national housing slump.

Why are families unable to make payments?

Well, there are several reasons for this but a couple stick out in my mind. First and foremost being that they are not making enough money. Families are being forced to abandon family time to work a second job. Even with two parental figures working one, two and even three jobs, the money just isn’t there for some.

The second reason lies in the type of mortgage that people signed up for. They were given low interest adjustable rate mortgages to get them into their home and when the rate adjusted, they couldn’t afford the increased payment, with some as much as $1,000 per month.

A total of 243,947 foreclosure filings were reported in August, up 115 percent from 113,300 in the same month a year ago.

There were 179,599 foreclosure filings reported in July.

The filings include default notices, auction sale notices and bank repossessions. Some properties might have received more than one notice if the owners have multiple mortgages.
Nevada, California and Florida had the highest foreclosure rates in the country last month, the firm said.

Nevada reported one foreclosure filing for every 165 households — more than three times the national average. The state had 6,197 filings in August, an increase of 21 percent from July and more than triple the year-ago figure.

California's foreclosure rate was one filing for every 224 households. The state reported the most foreclosure filings of any single state with 57,875, up 48 percent from July and an increase of more than 300 percent from August 2006.

Florida had one foreclosure filing for every 243 households. In all, the state reported 33,932 foreclosure filings, up 77 percent from July's total and more than twice the year-ago total.
Georgia, Ohio, Michigan, Arizona, Colorado, Texas and Indiana rounded out the 10 states with the highest foreclosure rates.