View Full Version : October foreclosure filings surge

11-29-2007, 07:42 AM
More than 50,000 lost their homes in October; foreclosure rates expected to rise in 2008 as adjustable-rate mortgages reset.

Foreclosure filings nearly doubled in October and more people could lose their homes in 2008, according to a report released Thursday.

In October, 224,451 foreclosure filings were reported nationwide, up 94 percent from October 2006

In the month, 53,609 U.S. homeowners were forced out of homes repossessed by banks, up from 20,768 a year ago, the firm said. Through October, a total of 309,557 homes have been repossessed by banks leading to forced evictions.

"Some people are in over their heads, owing more than what they can sell their house for," said RealtyTrac spokesman Daren Blomquist.

For the full year, RealtyTrac expects 2 million homes to have entered the foreclosure process - including bank repossessions, default notices and auction sale notices.

Foreclosures could hit homeowners even harder in the beginning of 2008, Blomquist said. Homeowners experiencing trouble in the fall may not see a foreclosure notice until the January or later, he said.

On top of that, adjustable-rate mortgages are scheduled to reset in greater numbers through 2008, sending homeowners' monthly mortgage payments higher, possibly to unmanageable levels.


11-29-2007, 05:23 PM
" Canada's dollar fell the most in two weeks after a government report suggested the economic growth is slowing, boosting speculation the central bank will lower borrowing costs next week.

Canada's current-account surplus decline to its lowest since the third quarter of 2003, as the currency's 17 percent appreciation this year damped exporters' competitiveness."

LINK (http://www.bloomberg.com/apps/news?pid=20601082&sid=a.oIIHUUVVkQ&refer=canada)

11-29-2007, 05:26 PM
Don't forget, the biggest reason for the CAD's rapid rise is the even more rapid decline of the USD. If we have problems, the USA started them for us.

Thanks Speedy

11-29-2007, 05:31 PM
We sneeze, you catch cold.

Dance, monkey, dance!

11-29-2007, 05:40 PM
I don't think that the fact that your country's failing economy and the negative impact it might have on other economies is anything to be proud of.

At least in Canada we take pride in being responsible for doing positive things for others.

11-29-2007, 06:39 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Huggy85</div><div class="ubbcode-body">

At least in Canada we take pride in being responsible for doing positive things for others. </div></div>

On some reservation in Canada a band of First Nations people are laughing hysterically.

11-29-2007, 06:56 PM
Not all of our First Nations peoples are unhappy Speedy. And I think that a great number, but not all, of your minority groups (including First Nations) are not unhappy either.

11-29-2007, 06:57 PM
I said "some" reservation, not "all reservations".

Do I get credit for that?

11-29-2007, 07:01 PM
Sure, "Buddy". Here's your credit. /ubbthreads/images/%%GRAEMLIN_URL%%/high5.gif