September 24, 2006
Foreclosures Spiked In August
Foreclosures Spiked In August
With real estate markets slowing and mortgage rates well above levels of recent years, times are getting tougher for homeowners. According to one survey, the number of homes entering into some stage of foreclosure is surging.
In August, 115,292 properties entered into foreclosure, according to RealtyTrac, an online marketplace for foreclosure sales. That was 24 percent above the level in July and 53 percent higher than a year earlier. It was the second highest monthly foreclosure total of the year; in February, 117,151 properties entered foreclosure.
