Homeowners hit by Hurricane Foreclosure!

8 May 2008

Author: admin Posted under Foreclosure Filings

Homeowners across the country thought that maybe 2008 will bring them some relief and maybe the government will sit up, open their eyes and do something to restore normalcy but now it seems like foreclosure is an eventuality that can’t be avoided. By the end of the first quarter of 2008, 156,463 repo homes were created as homeowners were struggling to make their monthly mortgage payment. Foreclosure activity doesn’t show any signs of a slow down, which basically means that the bubble might burst any time and the situation, might go out of hand.

The number of foreclosed properties has increased in all the 46 states as well as in almost 90 large metropolitans from a list of 100. Some of the regions and counties were marginally hurt due to the sudden mortgage meltdown but others recorded huge increases in foreclosed homes. Connecticut saw tripling of filings that added to their existing repository of repo properties. Massachusetts on the other hand saw a whopping increase of 260% causing more repo houses being included in the nationwide foreclosure listings. If you are an investor or a first time homebuyer looking to buy any of the foreclosed homes then you should try and get hold of the latest copy of foreclosure listings in the country. You can look for some of the hottest homes at Foreclosure-Support.com. All you will have to do is take a membership at the website.

The only good that can be derived out of the market meltdown, the delinquencies and the rising number of repo homes is that it has opened the market for smart and savvy investors to make hay while the sun shines.

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