"US Foreclosure Filings Up 94 Pct in Oct." .... 1 in 555 households had foreclosures filed in Oct.!

US Foreclosure Filings Up 94 Pct in Oct.
By ALEX VEIGA, AP Business Writer
2 HOURS AGO

LOS ANGELES - U.S. foreclosure filings nearly doubled in October from the same month last year, the latest sign many homeowners are falling behind on mortgage payments and increasingly losing their homes, according to a mortgage research company.

A total of 224,451 foreclosure filings were reported in October, up 94 percent from 115,568 in the same month a year ago, Irvine-based RealtyTrac Inc. said Thursday.

The number of filings in October rose 2 percent from September's 223,538.

The U.S. had one foreclosure filing for every 555 households in October, RealtyTrac said.

The filings include default notices, auction sale notices and bank repossessions. Some properties might have received more than one notice if the owners have multiple mortgages.

In all, 45 states saw an increase in foreclosure filings over last year.<snip>

http://finance.comcast.net/www/news.html?x=http://www.comcast.net/data/news/2007/11/29/825813.xml?cvqh=itn_housing

The "subprime" lenders lured naive people into loans for houses they KNEW they could not afford once the loans "re-set".. they all just HOPEd they could continue to re-fi until they could sell it for a profit.. Guess what? All ponzi schemes collapse..and the ones who set it up are usually the only ones who profit..

The people who took most of these loans probabbly already HAD sketchy credit, so all that happened to them really,. is that they got to live in a pretty cool house for a few years, their credit got increasingly worse, and now they are back to renting..where many/most of them should have been all along..

The Myth of homeownership in America is just that...a myth.. Everyone cannot afford to own their own home.It's just a sad fact..and to put people into homes they cannot afford is shameful..