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Foreclosure Activity Up and Mortgage Defaults To RiseWhile we have paid close attention to rates, fraud, and "The Housing Bubble" all is not necessarily well in other parts of the mortgage world. According to RealtyTrac, a foreclosure online site out of Irvine, CA, there has been a 25 percent increase in foreclosure activity in the last year. The site's Foreclosure Market Report states the nearly 850,000 properties entered some state of foreclosure last year - up 25 percent from the previous year. These figures are based on a database of over 1/2 million properties in 2000 counties nationwide. "Overall, U.S. foreclosure numbers climbed steadily over the course of the year, with more new foreclosures reported in every quarter," according to James J. Saccacio, RealtyTrac's chief executive officer. "This trend appears to be moving the real estate foreclosure market back to its historic levels." Florida led the country and accounted for more than 14% of new foreclosures in the state from the beginning of the year to the fourth quarter. Perhaps the last part of the paragraph is the good news. Note: This information is not meant to alarm the homeowner but to make you aware of the current situation. If you or someone you know is having difficulty with their current mortgage, then contact us for help. Our mortgage professionals can find the best solution to your problem.  First Lenders Mortgage - 6 Leonardville Road - Middletown, NJ 07748 Office Phone: (732) 275-1600 Fax: (732) 957-9666 Cell Phone: (732) 239-8849 Toll Free Phone: (800) 280-APPRoved (2777) Licensed Mortgage Banker in NJ, CT and FL Registered Brokers in PA & DE
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