From Realtor Magazine Online, Daily Real Estate News January 15, 2009
Nationwide more than 860,000 properties were repossessed by lenders in 2008 and more than 2.3 million homeowners faced foreclosure proceedings, double the number in 2007, according to RealtyTrac, a foreclosure listing firm.
Things are likely to get worse this year. Moody’s Economy.com predicts that the number of homes in foreclosure will rise another 18 percent in 2009.
Nevada, Florida, Arizona, and California had the highest foreclosure rates in 2008.
"I expect the housing sector will finally hit bottom in 2009 and the financial markets will gradually return to some semblance of normalcy," said Charles Plosser, president of the Federal Reserve Bank of Philadelphia, in a speech at the University of Delaware Wednesday.
Source: The Associated Press, Alan Zibel (01/15/2009)
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