WXPort
Sponsored by: Plattsburgh Area Weather Sponsored by CVPH Medical Center

Published March 12, 2009 05:59 am - Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February from last year's levels.

Foreclosures up 30 percent in February


By ALAN ZIBEL
AP Real Estate Writer

WASHINGTON (AP) — Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February from last year's levels, RealtyTrac reported Thursday. Ohio had the nation's 10th highest foreclosure rate.

Nationwide, nearly 291,000 homes received at least one foreclosure-related notice last month, up 6 percent from January, according to the Irvine, Calif-based company. While foreclosures are highly concentrated in the Western states and Florida, the problem is spreading to states like Idaho, Illinois and Oregon as the U.S. economy worsens.

"It doesn't bode well," for the embattled U.S. housing market, said Rick Sharga, vice president for marketing at RealtyTrac, a foreclosure listing firm. "At least for the foreseeable future, it's going to continue to be pretty ugly."

The rise in foreclosure filings came despite temporary halts to foreclosures by Fannie Mae and Freddie Mac, and major banks JPMorgan Chase, Morgan Stanley, Citigroup and Bank of America. Those companies pledged to do so in advance of President Barack Obama's plan to stem the foreclosure crisis, which was launched last week.

Two states that contributing to the increase were Florida and New York, where temporary bans on foreclosures ended.

But other states are moving to enact similar measures. On Wednesday the Michigan House approved legislation that would give homeowners facing foreclosure a 90-day reprieve. The legislation now goes to Michigan's Republican-led Senate, where its future is unclear.

While the number of foreclosures continue to soar nationwide, banks have held off listing properties for sale, Sharga said. There were around 700,000 such properties nationwide at the end of last year, making up a "shadow inventory" of unsold homes that could drag the housing crisis out even longer.

"It's going to take us longer than you might anticipate to burn through he inventory of distressed properties," he said.

The results highlight the challenge ahead for Obama and his economic advisers. The Obama administration is aiming to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.

Still, the faltering economy, driven down by the collapse of the housing bubble, is causing the housing crisis to spread. Nearly 12 percent of all Americans with a mortgage — a record 5.4 million homeowners — were at least one month late or in foreclosure at the end of last year, according to the Mortgage Bankers Association. That's up from 10 percent at the end of the third quarter, and up from 8 percent at the end of 2007.

The RealtyTrac report said more than 74,000 properties were repossessed by lenders in February as the worst recession in decades, falling home values and stricter lending standards continue to sap the U.S. real estate market.

Nevada, Arizona, California and Florida had the nation's top foreclosure rates. In Nevada, one in every 70 homes received a foreclosure filing, while the number was one every 147 in Arizona. Rounding out the top 10 were Idaho, Michigan, Illinois, Georgia, Oregon and Ohio. One out of every 451 homes received a notice in Ohio.

Among metro areas, Las Vegas was first, with one in every 60 housing units receiving a foreclosure filing. It was followed by the Cape Coral-Fort Myers area in Florida and five California metropolitan areas: Stockton, Modesto, Merced, Riverside-San Bernardino and Bakersfield.



print this story    email this story   




ADVERTISEMENT



Premier Guide
How to Contact Us

MAIN OFFICE
Press-Republican

P.O. Box 459
170 Margaret Street
Plattsburgh, NY 12901
(518) 561-2300


NEWSROOM
Hours:
Weekdays 8 a.m. to midnight; Weekends, 2 p.m. to midnight
Phone: 518-565-4131 Fax: 518-561-3362
E-mail: news@pressrepublican.com
Sports: 518-565-4124
Features: 518-565-4138


CIRCULATION/CUSTOMER SERVICE
Hours:
Weekdays 8 a.m. to 5 p.m., Saturday and Sunday (phone only) 8 a.m. to noon.
Circulation Phone: 518-565-4110


CLASSIFIED ADVERTISING
Hours:
Monday - Friday, 8am to 5pm
Phone: 518-565-4105 Fax: 518-561-1172
E-mail: classifieds@pressrepublican.com
Obituaries & Legals: 518-565-4178
Obituary E-mails: obits@pressrepublican.com
Legal Ad E-mails: legalads@pressrepublican.com

Today's Front Page
View P-R Frontpage:   Click on the image of the Press-Republican frontpage to view our frontpage archives.

Subscribe:  Click here to receive a subscription to the Press-Republican for as little as $13.00 per month.

Frontpage Reprints:  Click here to purchase a reproduction of a full page of the Press-Republican.
Today's Front Page
SITE INDEX
NEWS:  Local NewsPolice, Fire CourtsBusinessMoney & MarketsEducationEnvironmentOutdoorsPolitics & ElectionsBirthsEngagementsWeddingsAnniversariesProperty TransfersLookbackWeather
SPORTS:  Local SportsHigh SchoolCollegeYouth & AdultSports ShortsOutdoorsFishingFlashbackToday's Sports Events
OPINION:  EditorialsCheers & JeersIn My OpinionLettersSpeakoutColumnsBlogs
ARTS & ENTERTAINMENT:  Out & AboutMovie ReviewsEntertainment NewsCelebrity NewsLotteriesCrosswordsSudokuHoroscopes
LIFESTYLES:  PeopleHome & GardenHealthSeniorsFaith & SpiritualityFamily
OBITUARIES:  Current obituaries & search past yearObituaries archiveGuestbooksObituary submission guidelines
PHOTOS, ETC.:  Featured galleriesRecent newspaper photosBonus SportsCommunity EventsFull Page ReprintsAudio Slide ShowsVideoWebcams
SEARCH ARCHIVES:  Past 7 Days2007 - Present1999 - 2007Very Old Archives (Historic Newspapers)
LIVING HERE:  Clinton Co.Essex Co.Franklin Co.Day Away
MARKETPLACE:  ClassifiedsLegal Ads Find a jobFind a carBuy a Classified adFree CouponsAdvertiser Index
ABOUT US:  Contact usAdvertising Information 
© 2009, CNHI

Community Newspaper Holdings, Inc.CNHI Classified Advertising NetworkCNHI News Service
Associated Press content © 2009. All rights reserved. AP content may not be published, broadcast, rewritten or redistributed.
Our site is powered by Zope and our Internet Yellow Pages site is powered by PremierGuide.
Some parts of our site may require you to download the Flash Player Plugin.