Foreclosure filings nearly double

[RobertB]

Foreclosure filings nearly double

By ALEX VEIGA, AP Business Writer Thu Oct 11, 8:07 AM ET

LOS ANGELES - Foreclosure filings across the U.S. nearly doubled last month compared with September 2006, as financially strapped homeowners already behind on mortgage payments defaulted on their loans or came closer to losing their homes to foreclosure, a real estate information company said Thursday.

A total of 223,538 foreclosure filings were reported in September, up from 112,210 in the same month a year ago, according to Irvine-based RealtyTrac Inc.

The number of filings in September was down 8 percent from August's 243,947, the firm said.

http://news.yahoo.com/s/ap/20071011/ap_on_bi_ge/foreclosure_rates;_ylt=AhPbdJk.afp7uARs5f3hi_Ws0NU E

[James]

I was speaking to a woman whose sister works for the state (Plymoth county)in housing. They are getting something like 10 foreclosures per day for that county alone where it was said before this economic housing crisis, there were no more than 3 per day.

[Beeferoni]

There's a lot of pain going on in the country.

[MrMannn]

There's a lot of pain going on in the country.
Anyone who has watched the news in the last several years knows that the housing bubble was going to burst.

Acting surprised at this point is silly. We've been warned that this would happen.
Its not the fault of either congress or a president. The bubble would have burst no matter who was in office.

This was expected, it is a normal result of bad loans made to people who could not pay.
Yes there is pain. But thats part of life.

[markofthebest]

This is what happens when people purchase property they can't afford. And the bank lets them anyway. We were in our 40's before we bought the "dream house" and we put half down after selling another property. We had neighbors, fresh from college, newly married, with babies, trying to pay for $300,000 homes, drive new his and her SUV's, professionally decorated homes, inground pools, etc. It doesn't work well that way - people want instant gratification.