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May 30th, 2006 at 10:54 am by Susie
Why don’t people acknowledge how great this economy is?
Foreclosures on home mortgages are on the way up.
In Illinois during the first three months of 2006 nearly 13,700 properties entered foreclosure, up 32 percent from the fourth quarter of 2005, according to an analysis by property tracker RealtyTrac Inc.
The numbers are grimmer elsewhere in the Midwest. Michigan and Ohio, battered by automotive-related job losses, together recorded 45,000 mortgages entering some stage of foreclosure in the first quarter. Those are increases of 91 percent and 39 percent, respectively, compared with last year’s fourth quarter.
Nationally, foreclosures are up 38 percent, higher than in any quarter of last year, RealtyTrac said.There are many reasons for the growing number of defaults, and there are suggestions that the foreclosure trend may soon worsen.
More here.
