The number of U.S. households faced with losing their homes to foreclosure jumped 32 percent in April compared with the same month last year, with Nevada, Florida and California showing the highest rates, according to data released Wednesday. Ohio was in the top 10.
I'm not surprised at all. Continuing job losses mean more people are taking a hard look at dwindling savings and choosing to forgo payments on a home that's worth less than its outstanding mortgage value. Oh, BTW, this also means that those banks that need to raise capital will need to raise a whole lot more with hits like this to their mortgage portfolios.
The good news is there will be a lot more foreclosed homes on the market this year and next, just waiting for cheap buyers like yours truly. I'll be ready to start seriously looking at buying some property in 2010.
Nota bene: Anthony J. Alfidi does not own real estate at this time.
