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.