From MSNBC: 6-02-06
According to Foreclosure.com, a Florida-based company that tracks the foreclosuremarket, 87,582 American homes were in some phase of the foreclosure process,and in some cities foreclosure filings have jumped by 26 percent and more.Rising mortgage rates and a cooling housing market are cited as reasons forthe increase in foreclosures. The foreclosure rate rose in many cities wherethe appreciation has far outpaced the national average, such as Los Angeles,New York, Miami, Las Vegas, San Diego, Dallas, Houston and Sacramento. Inaddition, hard-up cities such as Cleveland and Detroit, where the economyis terrible, lead the nation in foreclosures. The article does not mentionPhoenix. The article also gives some pointers on how to capitalize on theforeclosure market.http://www.msnbc.msn.com/id/13086712/page/2/
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