Repossessions soared by more than half last year and the number of people seeking bankruptcy surged to a record high as the deepening economic gloom took its toll.

As many as 40,000 borrowers were evicted from their homes after falling behind with mortgage payments last year, up 54 per cent from 25,900 in 2007, and the highest level since 1996, figures from the Council of Mortgage Lenders (CML) showed.

In a further sign of the desperation being felt by thousands of borrowers, the CML reported a surge in the number of properties being abandoned.

The number of repossessions was more modest than the CML’s forecast of 45,000 but the lenders’ organisation said it had not changed its forecast for 75,000 this year despite several government schemes to help borrowers.

http://business.timesonline.co.uk/tol/busi...icle5776483.ece

Did you know that Banks are taking 53 cents on the dollar for homes in short sales and 43 cents per dollar for those in foreclosure?

That means that if someone forecloses on a home that they have a Million dollar mortgage on the Bank will usually sell for $430k. At least thats in Arizona and Florida. Crazy some of the deals you can get.

There is definitely a great investment opportunity in the United States real estate market for those who can afford it. But the number of repossessions & bankruptcies show the dire state the economy and the average consumer are in, as long as this continues the situation will just get worse.

Hi,
If that's the case what you are saying then the situation is very critical in Arizona and Florida. Actually due to economy's down turn you will be able to know such similar news. Do you think that cents per dollar regarding home sale will reduce more in future ?

Regards
Oswal

thank for sharing.