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Home foreclosures soar in US
The social impact of the bursting of the US housing market is already being registered in a sharp increase in home foreclosures. In August, the foreclosure rate rose a staggering 53 percent over the same period a year ago. In Michigan, Ohio, and other states hard hit by mass layoffs in manufacturing, the impact has been particularly severe.
In August, 115,292 new properties were listed on the database of online foreclosure tracker RealtyTrac, a 24 percent increase over the level in July. More significantly, RealtyTrac currently lists 650,000 properties nationwide in foreclosure or pre-foreclosure, up from 75,600 just one year earlier, when the Gulf Coast was devastated by Hurricane Katrina.
The volume of bank seizures is immense. Foreclosure.com, another online tracker of distressed properties, currently lists more than 1.27 million properties in some stage of foreclosure, bankruptcy, or bank auction. Approximately 5,000 properties are added to the listings each day.
Currently, Foreclosure.com has nearly 11,000 foreclosures and 28,500 bankruptcies listed for Ohio; Michigan has 11,000 properties listed as foreclosures and 19,500 involved in bankruptcy proceedings; Indiana has 5,500 foreclosure listings and 12,000 bankruptcies; Illinois has 12,900 foreclosures, 30,000 pre-foreclosed properties, 27,400 bankruptcies, and 9,600 properties with tax liens on them.
In cities built on manufacturing, such as Detroit and Cleveland, foreclosures and bankruptcies are highly concentrated. Cleveland and surrounding Cuyahoga County account for 5,900 of the distressed properties in Ohio.
Wayne County, which includes Detroit, has more than 16,400 distressed property listings on Foreclosure.com, up by 5,000 in less than a week. Most are bank owned and auctioned foreclosed properties. Chicago’s Cook County has an alarming 46,000 distressed properties listed, 21,000 of them in pre-foreclosure for payment delinquencies.
More
http://wsws.org/articles/2006/oct2006/frcl-o09.shtml
The volume of bank seizures is immense. Foreclosure.com, another online tracker of distressed properties, currently lists more than 1.27 million properties in some stage of foreclosure, bankruptcy, or bank auction. Approximately 5,000 properties are added to the listings each day.
Currently, Foreclosure.com has nearly 11,000 foreclosures and 28,500 bankruptcies listed for Ohio; Michigan has 11,000 properties listed as foreclosures and 19,500 involved in bankruptcy proceedings; Indiana has 5,500 foreclosure listings and 12,000 bankruptcies; Illinois has 12,900 foreclosures, 30,000 pre-foreclosed properties, 27,400 bankruptcies, and 9,600 properties with tax liens on them.
In cities built on manufacturing, such as Detroit and Cleveland, foreclosures and bankruptcies are highly concentrated. Cleveland and surrounding Cuyahoga County account for 5,900 of the distressed properties in Ohio.
Wayne County, which includes Detroit, has more than 16,400 distressed property listings on Foreclosure.com, up by 5,000 in less than a week. Most are bank owned and auctioned foreclosed properties. Chicago’s Cook County has an alarming 46,000 distressed properties listed, 21,000 of them in pre-foreclosure for payment delinquencies.
More
http://wsws.org/articles/2006/oct2006/frcl-o09.shtml
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