FORECLOSURE ACTIVITY UP CALIFORNIA SEES 27 PERCENT INCREASE, TEXAS 61 PERCENT.Byline: Gregory J. Wilcox Wilcox may refer to: Place names in the United States
See Wilcox (surname) Other
Residential foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. activity across the nation spiked spike 1 n. 1. a. A long, thick, sharp-pointed piece of wood or metal. b. A heavy nail. 2. A spikelike part or projection, as: a. to its highest level of 2005 during December December: see month. , an indication that rising interest rates are making an impact, an industry tracker said Thursday Thursday: see week. . Last month the owners of 81,290 properties nationwide entered some stage of foreclosure, up 13.5 percent from November, said Irvine-based RealtyTrac. That's one new incident for every 1,422 U.S. households, the highest foreclosure rate reported last year, the company said. Comparable numbers for a year ago were not available. States showing the most distress last month were Texas, Ohio, Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). , Nevada and Utah, the company said. December's rate just outpaced October's so the year finished on a down note. ``These rising numbers to finish off the year may indicate that economic factors such as higher interest rates are making it harder for some homeowners to stay current on their mortgage payments,'' James J. Saccacio, chief executive officer of RealtyTrac, said in a statement. He was traveling and could not be reached for comment. Foreclosure activity jumped 61 percent in Texas. There, 12,753 properties entered some stage of foreclosure, one for every 631 households and the most for any state. Texas accounted for more than 15 percent of the nation's new foreclosures, the company said. California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). reported 7,674 properties entering some stage of foreclosure, a 27 percent increase and the third most new foreclosures reported by any state in December. But with new one foreclosure for every 1,592 households, the state's foreclosure rate remained below the national average. The company tracks properties in all phases of foreclosure. With prices at record levels in many areas and interest rates expected to move up, foreclosure activity will likely increase this year, said John Karevoll, an analyst for DataQuick Information Systems. But it's not a serious problem because the activity is building off near record low levels, he said. ``The numbers we expect this year indicate more of a normal market,'' he said. Gregory J. Wilcox, (818) 713-3743 greg.wilcox(at)dailynews.com |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion