Foreclosures Rise 81% in 2008 from 2007

According to a recent USA today article, home foreclosures rose nationwide by 81% from 2007 and 225% from 2006.

Total repossessions were 850,000 up from 404,000 in 2007.

Arizona’s numbers were among the leaders.

The question is whether proposed government fixes, including a proposed mortgage modification in bankruptcy bill, will stem the problem short term.

It appears that the market will have to reach a level that attracts buyers and money back into the system. This means more short-term foreclosure activity.

For many, it may be possible to modify the loan now or use a chapter 13 to catch up the arrears and save the home from a foreclosure filing.