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LOS ANGELES (AP) - U.S. homeowners increasingly failed to keep up with their home loan payments in November, as the number of foreclosure filings surged 68 percent nationwide compared with the same month a year ago, according to a mortgage research company. In all, 201,950 foreclosure filings were reported last month, compared with 120,334 in November 2006, Irvine-based RealtyTrac Inc. said Wednesday.
Supply and Demand are the biggest issues affecting our housing market. The increase in foreclosures is increasing the supply of homes for sale. Thus with an imbalance this will drive prices lower.
Read the whole story below:
http://money.aol.com/news/articles/_a/us-foreclosure-filings-up-68-pct-in-nov/n20071219052909990002
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