econ paper 3

econ paper 3 - Matt Idleman Economics 201 10/29/08 Paper:...

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Matt Idleman Economics 201 10/29/08 Paper: Cumberland Times-News Date: October 26, 2008 Article: U.S. foreclosure filings up 71 percent in third quarter The number of homeowners ensnared in the foreclosure crisis grew by more than 70 percent in the third quarter of this year compared with the same period in 2007, according to data released last week. Nationwide, nearly 766,000 homes received at least one foreclosure-related notice from July through September, up 71 percent from a year earlier, according to foreclosure listing service RealtyTrac Inc. By the end of the year, RealtyTrac expects more than a million bank-owned properties to have piled up on the market, representing around a third of all properties for sale in the U.S. That’s bad news for anyone who lives nearby and wants to sell their home. While foreclosure sales are booming in many areas, those properties are commanding deep discounts and pulling down neighboring property values. “It has a pretty significant impact in terms of pricing,” said Rick Sharga, RealtyTrac’s
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econ paper 3 - Matt Idleman Economics 201 10/29/08 Paper:...

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