Reports in the third quarter show foreclosure filings at an all time high with Nevada once again leading the charge. . "They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.
During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008. – CNNmoney.com “A study of the trend by the Chicago Booth School of Business and the Kellogg School of Management determined that when home price declines drop home values 10% below the mortgage balances, people start to give up their homes.
When "negative equity" approaches 50%, 17% of households default, even when they can still afford their mortgage payments.” – CNNmoney.com
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