The Real Deal Miami

U.S. foreclosures up 60 percent 

March 13, 2008 11:00AM

Foreclosure filings across the U.S. rose by 60 percent in February,
while bank repossessions more than doubled as rates on adjustable
mortgages reset, according to RealtyTrac. “We’re in a vicious cycle,”
said Rick Sharga, executive vice president of RealtyTrac, which sells
foreclosure data. “We’ve got depreciating home values and loans
resetting at an outstanding volume just as banks are retrenching. Even
people who want to buy a home now are having trouble getting a
mortgage.”