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Home Foreclosures Up, Along With Food And Gas

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Mar 13, 2008 5:51 pm US/Eastern

Home Foreclosures Up, Along With Food And Gas

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MIAMI (CBS4) ― U.S. home foreclosure filings jumped 60 percent and bank seizures more than doubled in February as rates on adjustable mortgages rose and property owners were unable to sell or refinance amid falling prices. Gasoline, gold and oil prices jumped again to new highs Thursday. 

In South Florida, Linda Sweeney of Kendall was at the market commenting on the price of food. "It's horrible how high prices have gone. Vegetables, fruits, the prices are out of sight. I think we're in a recession and I think it's going to get worse."

In the real estate market, more than 223,000 properties were in some stage of default, or 1 in every 557 U.S. households, according to California-based RealtyTrac Inc., a seller of foreclosure data.

Economists are forecasting the U.S. housing slump could push the economy into a recession this years, and there are no signs housing will recover in 2008.

Nevada led the nation with the highest foreclosure rate in February. Filings rose 68 percent last month to 6,167 from the year-earlier period. One in every 165 households there was in default or foreclosure.

California had the second-highest rate with one in every 242 households. Florida was third with one in every 254.

The highest total number of foreclosure actions was in California, followed by Florida and Texas, RealtyTrac said. California reported a total of 53,629 last month, up 131 percent from February 2007. Florida had a total of 32,447, up 69 percent from the year earlier. Texas filings fell 1 percent to 12,261.

The Cape-Coral/Fort Myers, Florida, metropolitan area recorded the highest foreclosure rate of 229 metropolitican areas tracked in the report. Its figure of one per 84 households was almost seven times the national average.

At the pump, gas prices surged 2.1 cents overnight to a record national average of $3.267 for a gallon of unleaded gasoline, according to AAA.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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