Home Foreclosures Are On The Rise Across The Nation1
- More than 1.2 million properties received foreclosure filings in 2007; up 75 percent from 2006
- More than 1 percent of all U.S. households were in some stage of foreclosure in 2007; almost double the 2006 rate
- 1.3 million subprime foreclosures are predicted from the second the half of 2007 through the end of 2009
- Subprime foreclosures are expected to result in approximately $71 billion in lost housing wealth as each foreclosure reduces the value of the foreclosed home
- Subprime foreclosures are expected to destroy another $32 billion dollars in housing wealth by reducing the value of neighboring properties
- States are expected to lose more than $917 million in property tax revenue as a result of lost housing wealth due to subprime foreclosures
Significant Problems Have Spread into the Wider Housing Market3
- 5.6 percent of all mortgages – or more than 3 million American households – were more than 30 days delinquent nationwide in the third quarter of 2007
- The percent of mortgages delinquent for more than 30 days is at its highest level in more than 20 years
Broader US Economy Now Feeling the Drag of Housing Market Troubles4
- Declines in residential fixed investment subtracted almost one percent from GDP during 2007
- The number of new residential construction projects started has trended downward sharply for 22 months; economic downturns are frequently accompanied by downturns in the construction sector
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