U.S. Home Foreclosures jump 90% as mortgages reset!

U.S. Home Foreclosures jump 90% as mortgages reset!

www.bloomberg.com

Feb. 26 (Bloomberg) -- Bank seizures of U.S. homes almost doubled in January as property owners failed to make higher payments on adjustable-rate mortgages.

Repossessions rose 90 percent to 45,327 last month from the same period a year ago, according to RealtyTrac Inc., a seller of foreclosure statistics that has a database of more than 1 million properties. Total foreclosure filings, which include default and auction notices as well as bank seizures, increased 57 percent.

``The most troubling thing is that we are seeing more and more of these properties actually going all the way through the process and going back to the banks,'' Rick Sharga, executive vice president of Irvine, California-based RealtyTrac, said.

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Eesh...NINETY percent? That is a lot of homeless people, who now have destroyed credit to boot...What are all these people doing for shelter? Where are they going? This is truly devastating. Nearly a quarter MILLION homes were in default last month alone!

www.bloomberg.com
(visit the link for the full news article)