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Real Estate News Releases
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(EMAILWIRE.COM, May 16, 2008 ) SACRAMENTO, CA – US homeowners continued to feel the pain in April according to www.RealtyTrac.com with a 65 rise in foreclosure activity compared to last year.
According to the real estate tracking company based in Irvine, CA 243,353 homes were the subject of one foreclosure related filing or another in the month. This figure is up from 147,708 the previous year and 4 percent higher than the previous month.
California, Arizona, Nevada, and Florida were the hardest hit states, with California and Florida suffering the most. Nine of ten of the worst hit regions were in the two coastal states.
The figures from April represent one in every 519 households. Only eight states posted drops in foreclosure activity. Rounding out the top ten worst hit states were: Colorado, Maryland, Georgia, Ohio, Michigan and Massachusetts.
Foreclosure and real estate expert Patrick McGilvray, president of www.TheHomeBuyingCenter.com commented, “Homeowners across the nation, especially those who were first time home buyers who used subprime adjustable rate mortgages are continuing to lose their homes in record numbers. Many of them would like to sell their houses fast, but, because of declining home values many don’t have the right amount of equity to help them sell quickly. Short sales are a possibility for them, but they need to work with the right real estate agent in there area to get those done.”
Congress and the Bush administration are wrangling over a foreclosure and housing rescue bill, but no accord that is acceptable to President Bush and Democratic lawmakers appears forthcoming soon. AmericaÂ’s housing crisis has spurred a worldwide crisis in credit lending and mortgage lending worldwide and the effects are still unfolding around the globe.
www.TheHomeBuyingCenter.com
Patrick McGilvray
916-821-6200
patrick @ thehomebuyingcenter.com 
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