2008 Foreclosures Statistics (click here)
The latest foreclosure statistics from RealtyTrac are out, and the news isn’t very good. According to the Q1 2008 U.S. Foreclosure Market Report, which tracks foreclosure filings (including default notices, auction sale notices and bank repossessions), 649,917 properties were foreclosed upon during the first quarter of the year, a 23% increase from the previous quarter and a 112% increase from the first quarter of 2007. The report also shows that one (1) in every 194 U.S. households received a foreclosure filing during the quarter.
Resolution says loans targeted minorities, forced foreclosures (click title to entry - thank you)
By Alex Doniach (Contact), Memphis Commercial Appeal
By Alex Doniach (Contact), Memphis Commercial Appeal
Monday, December 22, 2008
Shelby County commissioners approved a resolution Monday authorizing the county to file suit against the national lenders who, officials say, gave out risky, high-interest rate loans and enabled a foreclosure crisis in Shelby County.
The resolution alleges that these major national lenders engaged in "deceptive" and "discriminatory" lending practices targeted at the black community. And the resulting foreclosure epidemic has destabilized neighborhoods, eroded property values and damaged the tax base -- costing county and Memphis city government millions in tax revenues....
Shelby County commissioners approved a resolution Monday authorizing the county to file suit against the national lenders who, officials say, gave out risky, high-interest rate loans and enabled a foreclosure crisis in Shelby County.
The resolution alleges that these major national lenders engaged in "deceptive" and "discriminatory" lending practices targeted at the black community. And the resulting foreclosure epidemic has destabilized neighborhoods, eroded property values and damaged the tax base -- costing county and Memphis city government millions in tax revenues....
