Everyone seems to be talking about foreclosures today ... and for good reason. There is no doubt that the Foreclosure numbers have increased dramatically the past few months.  And who knows what the future holds for homeowners with sub-par mortgages.  Below is an article from Realtor Magazine Online I thought you may find interesting.  If you every have a question about foreclosures in our market, please do not hesitate in giving me a call.


More home owners entered the foreclosure process during the first three months of 2007 than during the record-setting final quarter of 2006, according to a report by the Mortgage Bankers Association.

The MBA’s Chief Economist Doug Duncan predicts that delinquencies would continue to rise, peaking later this year. He also points out that the rate would have fallen if it weren’t for substantial increases in seven states.

"The percentage of loans in foreclosure would be well below the average of the last 10 years were it not for Ohio, Michigan, and Indiana," Duncan says. "And the rate of foreclosures started nationwide would have fallen were it not for the big jumps in California, Florida, Nevada, and Arizona. Those states have special circumstances that do not reflect what is happening in the rest of the country."

Seasonally adjusted, 0.58 percent of loans entered the foreclosure process last quarter, compared with 0.54 percent in the fourth quarter of 2006 and 0.41 percent in last year's first quarter. The rates for the past two quarters are the highest in the survey's 37-year history.

— REALTOR® Magazine Online and The Wall Street Journal, Damian Paletta and James R. Hagerty (06/15/07)

Brought to you by Randy Charlton of Century 21 Home Realtors.