Third Wave of Foreclosures Expected
Although some of the cities most devastated by foreclosures are experiencing decreased numbers, others that have been mainly spared appear to be the next to be hit. An article from cnnmoney.com, “Foreclosures: How Bad Is Your City?” indicates that the “third wave” of foreclosures will come from “option-ARM resets.”
Seattle, Minneapolis and Phoenix were three cities mentioned as having large increases in filings. According to the piece, Las Vegas has now taken over the title of “foreclosure capital” of the U.S. with an astounding one in thirteen properties in the foreclosure process for the first six months of the year.