A Rise in Foreclosures...Really (insert sarcastic smiley)

"In February, foreclosure filings in the U.S. totaled 130,786. That was down 4% from the revised January total, but it was up 12% from February of 2006. Moreover, RealtyTrac said that if the trend from the first two months of this year holds up, foreclosure filings in 2007 may be 33% higher than in 2006 for the full year."

And check this out...Nevada, Colordo and Florida topped the list, with Nevada seeing one foreclosure for every 278 homes...more than 3 times the national average!

So, once again, the foreclosures are adding to the problem, in that they increase inventory and lower market prices...and they lead to more restrictive lending guidelines which reduces the potential number of buyers. Add to that the still-high levels of existing and new inventory...oh yeah, and higher gas prices. It keeps on hurting!

See Ted Cornwell's article found at http://www.mortgageservicingnews.com/newsletter/stories/cornwell20070327.html.