NEW YORK (CNNMoney.com) — Home foreclosures hit record levels the first quarter. which cut the demand for housing and has prompted people to walk away from homes and home loans in search of work.
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January foreclosures up 57% Filings saw yet another big jump last month, compared to levels a year ago; 45,327 homes were lost to bank repossessions.
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The range of programs referenced include land banks and nonprofit neighborhood revitalization programs, plus admonitions that banks cannot be permitted to simply walk away from properties (by failing.
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The Sky isn’t Falling Everywhere Brian Mikelbank. Bloomberg News3 reported that nationally foreclosure filings in March of 2008 were 57% higher than they were during March of 2007. Yet. 3 "U.S. Foreclosures Jump 57% as Homeowners Walk Away," Dan Levy, Bloomberg.com. April 15, 2008 .
U.S. Foreclosures Jump 57% as Homeowners Walk Away (Dan Levy, 4/15/08) "About 2.5 million foreclosed properties will be on the market this year and in 2009, Lehman Brothers Holdings Inc. analysts led by Michelle Meyer said in an April 10 report."
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U.S. Foreclosures Jump 57% as Homeowners Walk Away (Bloomberg) — U.S. foreclosure filings jumped 57 percent and bank repossessions more than doubled in March from a year earlier as adjustable mortgages increased and more owners gave up their homes to lenders.
And for most people, losing a home to foreclosure is worse than not getting the house. A borrower is less likely to walk away from his or her own money in a situation like this than if the money.