Friday, June 13, 2008

Foreclosure Filings Up 48%, Repos Double

Banks repossessed twice as many homes in May and foreclosure filings rose 48% from a year ago as falling house prices trapped borrowers in mortgages they couldn't afford, RealtyTrac Inc. said in a report today.

According to RealtyTrac, one in every 483 U.S. households either
*Lost the home to foreclosure
*Received a default notice
*Or was warned of a pending auction

Albemarle County is not immune. Click here to see the color-coded map of Virginia foreclosures by County.

Read the full story on Bloomberg News.

1 comment:

Dave Phillips said...

First, congrats on opening this up for comments. Second, the map you posted shows Albemarle with only 2 foreclosures for a ration of 1 in every 20,000 mortgages. That does not seem like a problem to me and frankly could not figure out why Albemale was shown in that color. Any idea? Am I reading it wrong