May 19, 2006
Foreclosures on rise
As the prices of homes plateau, and mortgage rates rise, there has been an almost corresponding increase in the number of foreclosures, especially in the Midwest region. A recent survey shows that there has been an upsurge across the United States in foreclosure rates and mortgage delinquencies. Madison.com reports:
Nationally, the number of mortgage loans that entered some stage of foreclosure - the process by which banks can ultimately take back the properties that secure mortgages - rose to 117,259 in February, up 68 percent from the same month a year ago, according to Irvine, Calif., online foreclosure data service RealtyTrac.
Read more: Home mortgage foreclosures on rise
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