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More Families Losing Homes

By The Associated Press
.

Foreclosure rates jump 57%. More Families Losing Homes
Published: Tue, February 26, 2008 - 10:58 am Last Updated: Tue, February 26, 2008 - 11:03 am
LOS ANGELES (AP) - The Cape Coral-Fort Myers area had the
highest foreclosure rate of any metro area in the nation last
month.
RealtyTrac, a mortgage research firm, says one of every 86 homes
is in some stage of foreclosure in that part of Florida.
Nationawide, the number of homes facing foreclosure jumped 57
percent in January compared to a year ago, with lenders
increasingly forced to take possession of homes they couldn't
unload at auctions.
About 230,000 homes received at least one notice from lenders
last month related to overdue payments, compared with almost
150,000 a year earlier. Nearly half of the total involved
first-time default notices.
The worsening situation comes despite ongoing efforts by lenders
to help borrowers manage their payments by modifying loan terms,
working out long-term repayment plans and other actions.
Florida had more than 30,000 homes on the foreclosure track, up
about 158 percent from a year earlier and down three percent versus
December.

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