Survey Says Foreclosures are Up
A recent report suggests there are lots of folks who stand to lose their home for the holidays.
When it comes to home foreclosures, Florida is right there at the top. According to analysts at California-based Foreclosures.com, Florida is second only to California when it comes to foreclosures nationwide, with more than 107,500 this year.
Observers say many of the defaults are because buyers took on short-term, adjustable rate mortgages, then were socked by rising interest rates.
But not everyone agrees on how big a problem this is. Unlike Foreclosures.com, the Boca Raton-based Foreclosure.com (singular) only takes into account properties that are in foreclosure. Their numbers are, naturally, lower. Foreclosures.com includes 'pre-foreclosure,' which begins when lenders file notice. In many cases, the problem is resolved and the homeowner stays.
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