New Legal News

More bad news regarding the country’s home market that will issue calls for champions to come forth and force a regulatory reform  and new legislation to prevent this market disaster in the future.The most recent data demonstrates that mortgages foreclosures went through the roof in August.

Foreclosure numbers were more than twice what they were in August 2006 and 36% more than in July of 07. The national total of nearly a quarter of a million filings of foreclosure in August 2007. Thats a 155% from the  113,300 filings the August of 2006. In July 2007, 179,599 foreclosures were filed.

The foreclosures are highest in the states of Nevada, Florida, and California. In Florida, 1 in 243 households was foreclosed. In Nevada, its 1 in 165 households, and in California it 1 in 224 households. These numbers stagger my thoughts! Something must be done. The national average was one in 510 households were being foreclosed.

Experts say this is just the tip of the iceberg.