Foreclosures are Up!!!!!

Foreclosure filings surged 53 percent in June
Nevada, California, Arizona, Florida and Michigan still leading nation


WASHINGTON - The number of homeowners stung by the rout in the U.S. housing market jumped last month as foreclosure filings grew by more than 50 percent compared with June a year ago, according to data released Thursday.

Continue Story: http://www.msnbc.msn.com/id/25612487/

This article is not very shocking or informative to anyone who has not been living in a cave for the past year. We are going to continue to see a steady rise of fore closured properties in the future as ARM’s reset and the economy continues to struggle. The government really is not doing much to help these people, but rather are issuing new policy’s, like Maryland, to slow down the process. The unemployment rate and foreclosure files are directly correlated, so until we start seeing the unemployment rate going down, we will continue to see a rise in foreclosure. As more properties head to foreclosure, every homeowner is affected. If your street has three foreclosures on it and they sell at auction for 70% of their value 12 months ago, your property has also decreased in value. It really is a shame what is happing to the housing market, but I can’t say I am shocked, because I think we all knew what was coming after the over exaggerated housing boom in the early part of the decade.

It’s a new day, new deal, new opportunity
Mike Sebeniecher, Texo Properties (www.TexoNC.com)