According to new data from Realty Trac, Fort Myers foreclosures increased by an alarming 31% between January and February, giving it the second highest foreclosure rate in the U.S, with 1 in 90 homes now in foreclosure.
Many people will be shocked by such a large increase when, in the US as a whole, and internationally things are starting to recover. None of those people however, will be analysts are followers of the US housing market data on a regular basis.
Because those people will know that there are millions of US households that meet the criteria for foreclosure, but have yet to be foreclosed upon by the bank in question.
Because those people will know that mortgage interest rates are starting to rise because of the Federal Reserve’s policy of buying Mortgage Backed Securities is coming to an end. This will ultimately put more pressure on anyone struggling to keep up with mortgage repayments and likely cause more increases in foreclosure figures in the months ahead.



