Bank seizures of U.S. homes almost doubled in January as property owners failed to make higher payments on adjustable-rate mortgages.
Repossessions rose 90 percent to 45,327 last month from the same period a year ago, according to RealtyTrac Inc., a seller of foreclosure statistics that has a database of more than 1 million properties. Total foreclosure filings, which include default and auction notices as well as bank seizures, increased 57 percent.
``The most troubling thing is that we are seeing more and more of these properties actually going all the way through the process and going back to the banks,'' Rick Sharga, executive vice president of Irvine, California-based RealtyTrac, said.
More than 233,000 properties were in some stage of default last month. Total filings increased 8 percent in January from December, RealtyTrac said today in a statement.
Yes! The banks problems are the most troubling issues. Never mind the millions of American families that are or will be looking for new places to live, *IF* they can with their credit in ruin. Of course, the banks and mortgage companies are more worried about their demands for corporate welfare to keep them afloat through their hard times than they are about Joe and Suzy Sixpack living in the front seat of their car with the kids in the back seat...
This is only the beginning and it is only going to get worse.