Consumer Law

Soaring Mortgage Foreclosure Rate in Washington, D.C. Region Among Highest in Country

By Brian Wolfman

This front-page story in today's Washington Post explains that the mortgage foreclosure rate in the Washington, D.C. area has exploded in the last year and is now among the highest in the country. An excerpt:

The Washington region now has one of the fastest-growing foreclosure rates in the nation, as 15,613 homes went into foreclosure during the one-year period ending in February, an analysis to be released today has found. Although communities have felt the effects of the housing crisis for months, the report reveals that foreclosures in the Washington region have been increasing at a surprisingly quick pace, outstripping those of most major metropolitan areas. Over the past year, the number of foreclosures per 10,000 homes jumped from 23 to 131 locally, while the national average increased from 58 to 87.

The story briefly describes what local government and non-profits are trying to do to cushion the problem.

Full post as published by CL&P Blog on June 19, 2008 (boomark / email).