US Foreclosures Increasing!

US Foreclosures have increased across most of our large metropolitan areas.

According to RealtyTrac, the US foreclosures crisis has spread like a spider’s web [my words] across a larger area of our country.

According to my information, Wells Fargo will refile documents on 55,000 foreclosures after admitting there were technical mistakes.

US Foreclosures Crisis spreading

The worst affected areas according to RealtyTrac’s report are: California, Nevada, Florida and Arizona.

These states accounted for 19 of the top 20 metropolitan areas with the highest US foreclosures rates within the last 3 months.

This trend is the latest sign that the US foreclosures crisis is getting worse. Homeowners continue to fall behind on their mortgage payments because of high unemployment and slow job growth.

US Foreclosures – Wells Fargo

From what I can tell, the announcement from Wells Fargo that it was refiling thousands of foreclosure documents is an admission from the bank of possible problems in the way it repossesses homes.

Regarding US Foreclosures Wells Fargo released a statement on Thursday, that said it had identified “instances where a final step in its processes relating to the execution of the foreclosure affidavits… did not strictly adhere to the required procedures”.

US Foreclosures
US Foreclosures

Wells Fargo added that it has no plans to stop its foreclosure process but said the refiling may cause some delays. It seems that these uncaring institutions are bent on continuing their questionable practices and US Foreclosures are not slowing down.

Metropolitan top five US Foreclosures: 3rd Quarter 2010
Las Vegas, Nevada – 32,288
Cape Coral, Florida – 10,352
Modesto, California – 4,825
Stockton, California – 5,929
Merced, California – 2,072

Source: RealtyTrac

I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you help to stop foreclosure.
Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,

Click Here —>>  http://help-to-stop-foreclosure.net/

Resources:

http://www.bbc.co.uk/news/business-11646439

US Foreclosures on the rise – unfortunately.