October Foreclosure Filings Surge – 50,000 Lost Homes In October
Foreclosure filings have nearly doubled from a year ago 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 and up 2 percent from September, according to RealtyTrac.
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.
