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.
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