PLANO, Texas -- Taking note of the continuing surge in U.S. foreclosures, Southwest Corporate Federal Credit Union Thursday pointed to adjustable-rate mortgages and subprime loans as contributing to high levels of foreclosures in Nevada, California and Arizona.
The ARMs/subprime issue is really "no surprise," said a special e-mailed newsletter distributed by Southwest Corporate Investment Services, a subsidiary consulting firm which quoted new national data showing home foreclosures rose 53% in June.
Aside from the spike in foreclosures, "actual repossessions almost tripled according to RealtyTrac," said the Southwest newsletter which pulled data from the Irvine, Calif. firm which closely follows real estate trends.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.