US home foreclosure filings doubled last month from a year ago and the nation’s biggest mortgage lender said late payments rose, suggesting the US mortgage crisis is not abating reports the Financial Times.
The number of foreclosures jumped to 223,538 in September, 99 per cent higher than the number last year, though down 8 per cent from August, according to RealtyTrac, which compiles housing data. California had the largest number of foreclosures, with 51,259, and Florida was second, with 33,354.
Nevada, which has seen explosive housing growth around Las Vegas, had the highest rate of foreclosures, with one for every 185 households. The overall foreclosure rate was one for every 557 households.
The new report on foreclosures came as Countrywide Financial, the largest US mortgage lender, said delinquencies as a percentage of unpaid loans rose to 5.85 per cent from 4.04 per cent a year ago. New loans issued by Countrywide fell 44 per cent as home sales slowed. Countrywide said pending foreclosures as a percentage of unpaid balances more than doubled, from 0.51 per cent to 1.27 per cent.
Read it here: Foreclosures Double