More than 50,000 Lost Their Homes in October

November 29th, 2007

The momentum phase has only just begun.

Via: CNN:

Foreclosure filings nearly doubled in October and more people could lose their homes in 2008, according to a report released Thursday.

In October, 224,451 foreclosure filings were reported nationwide, up 94 percent from October 2006 and up 2 percent from September, according to RealtyTrac.

In the month, 53,609 U.S. homeowners were forced out of homes repossessed by banks, up from 20,768 a year ago, the firm said. Through October, a total of 309,557 homes have been repossessed by banks leading to forced evictions.

“Some people are in over their heads, owing more than what they can sell their house for,” said RealtyTrac spokesman Daren Blomquist.

For the full year, RealtyTrac expects 2 million homes to have entered the foreclosure process – including bank repossessions, default notices and auction sale notices.

Foreclosures could hit homeowners even harder in the beginning of 2008, Blomquist said. Homeowners experiencing trouble in the fall may not see a foreclosure notice until the January or later, he said.

On top of that, adjustable-rate mortgages are scheduled to reset in greater numbers through 2008, sending homeowners’ monthly mortgage payments higher, possibly to unmanageable levels.

“The other side of the vise pressing on these people is that it’s harder to refinance because lenders’ standards are tighter,” Blomquist added.

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2 Responses to “More than 50,000 Lost Their Homes in October”

  1. Loveandlight says:

    Holy ghost of Karen Carpenter, Batman!

  2. remrof says:

    So where do all these newly homeless people go?

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