chicago-condos Dave on 29 Apr 2008 05:12 pm

Foreclosures soar 112 percent nationwide

The rash of foreclosures seen during the past few months shows no signs of abating any time soon.  According to data released by real estate firm RealtyTrac, a total of 650,000 filings were announced during the  first quarter.

This represents a rise of 23 percent in foreclosures from the previous quarter, and an incredible 112 percent rise in foreclosure filings from the same period in 2007.  The number of foreclosures represents 1 of every 194 homes nationwide, or just over 0.5 percent of all homes in the country.

Foreclosures were highest in states that have seen the heaviest speculation in real estate.  States such as Nevada, Arizona, California, and Florida were the hardest hit.  One of every 54 homes in Nevada received a foreclosure filing during the first quarter, which includes notices of default.

The news comes after the announcement of government programs to help distressed homeowners around the country.  Local programs work with homeowners to establish contact with creditors and work out a mutually beneficial agreement for both parties.

Chicago has seen a rise in foreclosures, but not on the scale seen in many other parts of the country.  However, as foreclosures increase in the area, buyers on the market for Chicago Condos could start to see even lower prices in the short term.

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