U.S. foreclosures hit 2006 high

[S2007S]

IRVINE, CA, United States (UPI) -- U.S. foreclosures last month rose to their highest level this year and were up 42 percent over their October 2005 level.

RealtyTrac said 115,568 properties nationwide entered some stage of foreclosure during October, which translates into a national foreclosure rate of one new foreclosure filing for every 1,001 U.S. households, the highest monthly foreclosure rate reported so far this year.

'So far this year more than 1 million properties have entered some stage of foreclosure nationwide, up 27 percent from the same time last year,' said James J. Saccacio, chief executive officer of RealtyTrac.

'Monthly foreclosure filings hit their highest mark of the year so far in

October, mirroring the trend from last year, when the most foreclosures of the year were also reported in October. Our data from the last three months show that foreclosures are definitely trending upward, putting more pressure on an already strained housing market, and placing buyers and investors in the driver`s seat when it comes to negotiating home purchases.'

For the eighth consecutive month Colorado documented the nation`s highest state foreclosure rate and Nevada had the second-highest level.

Copyright 2006 by United Press International

 

[S2007S]

Since 2001, homeowners have been tapping into their home equity at a record pace. Households cashed out $715 billion worth of equity between 2001 and 2005. In the three years between 2003 and 2005, owners extracted $150 billion more in equity from their homes than they did in the previous eight.