Hundreds of Valley homeowners falling into foreclosure daily
April 14th, 2008, 10:40 am · 1 Comment · posted by mistywilliams
The Valley’s foreclosure troubles are far from over.
On average, 255 new foreclosure notices have been filed every day for the past four months, according to research data firm Information Market.
A total of 6,666 foreclosures were reported in the first three months of 2008, and another 10,000 are expected in the second quarter, the Glendale-based company reported.
So the wave continues. When will it slowdown? It doesn’t appear anytime soon, especially considering the dour state of the economy.
Many homeowners have been unable to keep pace with rising mortgage payments as adjustable-rate loans reset.
Now, experts say making those payments may become even tougher for families who are facing job layoffs or salary reductions as recession worries mount.
April 14th, 2008 at 8:56 pm
These people were fools for signing these ARM’s is the first place. The market will re-adjust once they are all weeded out. I hoped they learned a lesson……….Nah.