2008 Foreclosures Rates Soared & Home Prices Declined Sharply

In a recent article written by Jason Jacks, he reviews the dismal data for last year with 2008 foreclosure filings, default notices, auction sale notices and bank repossessions all rose 61 % last year from 2007, according to RealtyTrac, a California-based company that monitors the housing market. Get in touch and sign up for Foreclosure Crisis News updates to be delivered to you by email or RSS feeds.

The company said one out of every 54 homes in the country was in some phase of foreclosure in 2008, or about 2.3 million properties. Nevada, Florida and Arizona were tops for foreclosure rates. Virginia was 16th, with 49,000 homes entering foreclosure in 2008, or 1.5 % of all residences. For metropolitan regions, Washington, D.C., ranked 23rd for foreclosures, with about 3 % of all homes receiving at least one foreclosure notice in 2008. Read the original article.

Will Obama Address the Foreclosure Crisis Immediately?

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