By Daily Crux Editor Sean Goldsmith:
Nearly 804,000 homes received at least one foreclosure notice in the first quarter, up from 650,000 a year earlier. And the 26 cities with the highest foreclosure rates are concentrated in four states - Arizona, Nevada, Florida, and California.
From the article:
The report on foreclosures for the first quarter by RealtyTrac Inc. found the highest foreclosure rates were found in Las Vegas, Merced, Calif. and the Cape Coral-Fort Myers area in Florida. Next on the list were the California metro areas of Stockton, Riverside, Modesto, Bakersfield and Vallejo-Fairfield.
The number of America households that could lose their home rose 24% in the first quarter... and will likely increase since major lenders have resumed foreclosures. Now the pressure rests on Obama, who plans to save 9 million borrowers through refinanced mortgages and modified loans.
If Obama's homeowner bailout goes anything like his attempt to clean up Wall Street, those 9 million homeowners might want to start checking Craigslist for apartments.
Read full article...
"Massive wave of foreclosures" to hit California this month
Manhattan real estate cracks... prices down 46%
