How many foreclosures are predicted for 2008?

Question

Just how many foreclosures are predicted for 2008 compared to 2007? With all these good people suffering from home loses, where the heck are they all moving too? There can't be that many apartments to rent?

Answer 1

There were 47,171 foreclosures on California properties in the first quarter of 2008. The figure for the same period last year was just over 10,000.

An increase was also reported in the state of Arizona. The Attorney general there released a report on this issue. It said that "the collective efforts of servicers and government officials to date have not translated into meaningful improvement in foreclosure prevention outcomes." The Attorney General also commented on the report:

"We continue to see a rising number of foreclosures in Arizona, which is a significant drag on Arizona's economy. This report confirms that efforts made by servicers to prevent unnecessary foreclosures are not enough. We need to explore additional approaches to prevent tens of thousands of unnecessary foreclosures in Arizona."