Foreclosure Filings Skyrocket 100% in Third Quarter
The third quarter of 2007 saw a dramatic jump in the number of foreclosure filings when compared to the same quarter last year. According to RealtyTrac, the number of properties entering foreclosure spiked almost 100% during the last quarter and increased 30% from last quarter.
All indications point to a continuation of this trend as well. In March 2008, the highest level ever of sub prime ARM mortgages are scheduled to re-set which will increase mortgage payments for hundreds of thousands of homeowners. Many can expect to see there payments increase as much as 25%. If the homeowner cannot refinance to a more conventional loan product, many will not be able to make the new, higher payment and thus continue the cycle of foreclosure.
