U.S. residential foreclosure filings nearly doubled last quarter from a year earlier, and appear set to increase into 2008, a report said on Thursday.
Foreclosure filings for July-September rose to 635,159, representing one in every 196 households and a 30 percent jump from the second quarter, according to RealtyTrac, a marketer of foreclosure properties based in Irvine, California.
One results: soon there will be many more homes on the market. And remember, MOST of the “ARM resets” – loans with low “teaser” or “qualifying” initial rates that reset to high interest rates – happen into next year. So expect the foreclosures to continue to increase for at least a year. The housing market is nowhere near a “bottom.”