SAN FRANCISCO (KCBS/AP) -- The number of households facing foreclosure more than doubled in the second quarter compared to a year ago.
California-based RealtyTrac says nearly 740,000 homes received at least one foreclosure-related notice during the quarter. That's about one in every 171 households, and it's up 121 percent from the second quarter of 2007.
Soft sales, declining home values, tighter lending standards and a sluggish economy have left strapped homeowners facing foreclosure with few options. Many can't find buyers or owe more than their home is worth and can't refinance into an affordable loan.
Nevada, California, Arizona, and Florida continued to clock in the highest rates, while cities in California and Florida accounted for 16 of the 20 worst metro areas. Stockton, California was the worst, with one in every 25 homes receiving a foreclosure filing.
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