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November 25, 2007
Home forclosures are escalating across the entire nation, forcing people out of their homes and into bankruptcy. Florida has taken one of the hardest hits in foreclosures, with more than 20,000 filings in 2007. California and Texas are close behind, with forclosures reaching well over 10,000 in each state.
Foreclosures in Arizona have risen over 40 percent since last year and Colorado reports 1 out of every 345 households has filed forclosure or on the brink of filing. Vermont, Maine and the District of Columbia seem to be the only states immune from forclosures. However, experts predict foreclosure rates will rise in these states when adjustable-rate mortgages start escalating.