National foreclosure rate 72% higher than last year!

[benburch]

That according to a story I heard on WBBM-AM 780 Chicago.

How can anybody claim this is a robust economy???

[nickinSTL]

1. between the economic mess and the new bankruptcy laws...

this was inevitable.

[MADem]

2. The poor in Beantown are getting it, too

Shady mortgage operators have been flooding unbelievably easy credit into Boston’s neighorhoods.

But the payment on all those high-interest rate, no-money-down loans may now be coming due in a tidal wave of forclosures slamming into the city’s poorest ZIP codes.

Just four months into the year, banks and mortgage lenders have begun foreclosure proceedings on 238 homes across the city.

That is a 63 percent increase over last year, reports John Anderson, who operates a real estate data business out of a cluttered home office in his Dorchester Victorian...
http://business.bostonherald.com/realestateNews/view.bg?articleid=136035

[madrchsod]

3. out here in northwesten illinois

esp whiteside county has been getting hammered for over two years now..wells fargo mortage leads in foreclosures

[Betsy Ross]

4. This is the result of newer mortgage options.

Specifically interest only for the first few years and then the payments increase dramatically. The number of foreclosures will continue to increase dramatically as the five-year interest only period is now ending for the first of these mortgages. The current economy doesn't help either.

Also, many have taken large equity loans only to find the market has cooled and their homes are worth less than their mortgage so they can't sell to pay off debts.

[joneschick]

5. 57% in Milwaukee

http://www.jsonline.com/story/index.aspx?id=315969
historically, Milwaukee was always very low on foreclosures. I think I'll do some research and see which lender is in the lead.
edited to update
My apologies --- that's last year. I'm sure with our robust economy, 2006 is ever so much better.:sarcasm:

[walkon]

6. Now that's something

the repugs can run on - more cheap investment property for the ruling class!

[wicket]

7. I have a feeling it's going to be an ugly, ugly summer

:scared:

[benburch]

8. Mee Too.

:scared: