Foreclousres on the rise?

RealtyTrac: Nat’l Foreclosures Up 17 Percent in 3Q
Jacqueline Gilbert 10.30.06

According to their 3Q 2006 U.S. Foreclosure Market Report released today, RealtyTrac reported that 318,355 properties entered some stage of forelcosure nationwide, an increase of 17 percent from the previous quarter and a 43 percent increase from the third quarter in 2005. James J. Saccacio, chief executive officer of RealtyTrac, states that hikes in interest rates and a slump in the market are two key factors to the 43 percent increase since third quarter 2005.

“What our third quarter research appears to be showing is that the first wave of adjustable rate mortgages is having a negative impact on the number of homes going into foreclosure,” said Saccacio. “With the volume of these loans–more than $1 trillion of them due to adjust over the next 15 months–this is a trend that definitely bears watching.”

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