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SistahSpeak · February 26th, 2008, 05:28 PM

January foreclosures up 57%

Filings saw yet another big jump last month, compared to levels a year ago; 45,327 homes were lost to bank repossessions.

NEW YORK (CNNMoney.com) -- Foreclosure filings nationwide soared 57% in January over the same month last year - another indication that the nation's housing woes are deepening.

A study released Tuesday by RealtyTrac, an online marketer of foreclosure properties, showed that 233,001 homes were affected, 8% more than in December. Of that total, 45,327 homes were lost to bank repossessions.

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With all the foreclosures it's being said that this "arm" of banking could go under. With a large part of the banking system flopping, what do you think will happen? Is the US looking at another 'depression'? Do you think that the government will step in? Will they have more control over home-buying process in the future?

No expert on the matter so I'm definitely seeking insight.

S

February 26th, 2008, 05:28 PM	#1 (permalink)
SistahSpeak Afro Resident SistahSpeak is offline Join Date: Jun 2005 Location: Chicago Posts: 2,084 Thanks: 55 Thanked 101 Times in 69 Posts Rep Power: 35 Credits: 11,896	January foreclosures up 57% January foreclosures up 57% Filings saw yet another big jump last month, compared to levels a year ago; 45,327 homes were lost to bank repossessions. NEW YORK (CNNMoney.com) -- Foreclosure filings nationwide soared 57% in January over the same month last year - another indication that the nation's housing woes are deepening. A study released Tuesday by RealtyTrac, an online marketer of foreclosure properties, showed that 233,001 homes were affected, 8% more than in December. Of that total, 45,327 homes were lost to bank repossessions. ----------------------------------------------------------------- With all the foreclosures it's being said that this "arm" of banking could go under. With a large part of the banking system flopping, what do you think will happen? Is the US looking at another 'depression'? Do you think that the government will step in? Will they have more control over home-buying process in the future? No expert on the matter so I'm definitely seeking insight. S __________________ "Truth is verifiable."