Filed under: Bad news, Mutual funds, Economic data, Housing, Recession
January foreclosure filings jumped 57% over last year’s numbers and they were 8% higher than the December numbers, according to the Wall Street Journal this morning [subscription required]. There were 233,001 foreclosures filed in January, compared to 148,425 last January and 215,749 in December, the Journal reported based on RealtyTrac data.
Foreclosures are on an upward trend after a lull at the end of last year. This was expected as we’re starting to see the next wave of interest rate resets on ARMs. California had the highest number of foreclosures in the nation with 57,158 filings, which is 120% higher than a year earlier and 7% higher than December. Other says that topped the foreclosure list include Florida, Texas, Ohio, Michigan, Georgia, Arizona, Massachusetts, Illinois and Colorado. The say with the highest foreclosure rate per household was Nevada.
Foreclosures are definitely taking their toll on the banking industry, as the FDIC gears up for possible bank failures. Don’t expect any good news from the banking industry for a long time to come.
Lita Epstein has written more than 20 books including “The 250 Questions You Should Ask to Avoid Foreclosure.”
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