Tax Foreclosure Current Events

The social impact of the bursting of the US housing market is already being registered in a sharp increase in home foreclosures. In August 2006, the foreclosure rate rose a staggering 53 percent over the same period a year ago. In Michigan , Ohio , and other states hard hit by mass layoffs in manufacturing, the impact has been particularly severe. In cities built on manufacturing, such as Detroit and Cleveland , foreclosures and bankruptcies are highly concentrated. Cleveland and surrounding Cuyahoga County account for 5,900 of the distressed properties in Ohio . In addition to the massive number of foreclosures in the Midwest, Florida, California, and Nevada, all saw the most activity in home sales and had among the highest home prices over the last few years, and saw the largest numbers of foreclosures last month (in September 2006), with foreclosures up by 62 percent to 255 percent from a year ago.

© 2006 Tax Foreclosure Current Events