sold: Foreclosure rates continue to rise
- 12/20/07 05:48 AM
According to RealtyTrac; a website that logs foreclosure filings, foreclosure rates continued to rise in most of the top 100 largest metropolitan areas of the country. The effects of foreclosure have spread beyond the delinquent borrower. The losses had a chain reaction from the defaulting borrower, to the lender and the investors. The foreclosure process costs the lenders thousands in losses through legal fees and taxes due until the property is sold. Not to mention the lost equity when the house is priced to sell in a weak market. This month alone a lot of the major financial institutions such as Citigroup, Bank of America, Morgan Stanley … (0 comments)
According to RealtyTrac; a website that logs foreclosure filings, foreclosure rates continued to rise in most of the top 100 largest metropolitan areas of the country. ;)
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