Foreclosures Jump in October with 85,000 Homes Lost

Last month a total of 279,561 struggling borrowers received foreclosure filings, including default notices, notices of auction sales and bank repossessions.  A total of 84,868 homes were lost to foreclosure in October.  A total of 936,439 homes have been lost to foreclosure since the housing crisis hit in August 2007.

Many states have adopted legislation to combat foreclosures allowing homeowners a chance to modify their mortgages, however foreclosures are still up 25% from a year ago.

Fueling the increase in foreclosures is the struggling economy in which many companies are laying off employees, thus putting strain on these employees being able to pay their mortgages.

Home prices nationwide have been on a steep decline.  According to a Case-Shiller study, Phoenix has seen a one year decline of -30.7%.  The Atlanta metro area is quite fortunate, only seeing a -8.5% decline.

The metro Atlanta area has not been hit as hard as other parts of the country mainly due to the growth and economic development of the city and its surrounding metro areas.

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