82% Increase in Foreclosure Filings in 2008
More than 3 million properties were foreclosed in the U.S. during 2008, according to foreclosurelistings.com, representing an 82% increase over foreclosure listings in 2007, and a 240% increase in the total number of properties foreclosed upon during 2006.
Remember for comparison, in Massachusetts, a total of 12,430 foreclosure deeds were recorded in 2008, up from 7,653 in 2007 and 3,130 in 2006, according to the Warren Group reported - Foreclosures jump 62% in 2008 in Massachusetts.
With more than 3 million foreclosures, approximately 1.8-percent of all U.S. homes received at least one foreclosure filing during 2008. It appears that the legislation implemented to prevent foreclosures in Boston, and Massachusetts Foreclosures has not yet been successful. These government speed bumps appear to have only delayed the inevitable foreclosure proceedings for thousands of homeowners in the United States.
Accordingly, with an ever increasing number of homes available for purchase, it’s a buyer’s market. The 30 year fixed interest rates have risen to 6.59-percent, which is still a low interest rate; it’s a great time to buy.
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