Home Foreclosure Rate Jumps

By: AP Email
By: AP Email

Los Angeles (AP) The number of U.S. homes facing foreclosure is up more than 50 percent over what it was a year ago.

Mortgage research firm, Realtytrac incorporated says the foreclosure rate jumped 57 percent in January.

Nationwide last month, 233,000 homes got at least one notice from the lender related to overdue payments from the homeowner. Nearly half involved first-time default notices. And Realtytrac Says more and more lenders are taking possession of homes which
they are not able to sell at auction.

The figures come despite the fact that some lenders have been trying to help homeowners by modifying loan terms or working out long-term repayment plans.

Across the U.S. this past month, there was one foreclosure filing for every 534 homes.

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