On Your Side: Foreclosures up 57%

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February 26, 2008

There is more bad news on the mortgage front: the real estate website Realty Trac is reporting that foreclosures are up 57 percent from this time a year ago. That includes more than 230,000 homes.

Georgia is in the top 10 for most foreclosures during January 2008, but South Carolina is in the bottom 10. Experts are saying this is a good news, bad news situation.

The foreclosure rate may be lower now because of recent government intervention to slow the rate. It could actually get a lot worse later in the year.

California took the top spot in the list and the Cape Coral-Fort Myers, The Florida area took the prize for January individual metro areas.

The high foreclosure rates are being blamed on people buying more house than they can afford.

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