Indeed, what was once a problem confined mostly to economically struggling areas is quickly becoming a national phenomenon. Last year, there were 1.2 million foreclosure filings in the United States, up 42 percent from 2005, according to RealtyTrac, a firm that analyzes such data. At current rates so far this year, RealtyTrac expects foreclosure filings to hit two million in 2007, or roughly one per 62 American households — a rate approaching heights not seen since the Great Depression.
I have seen these (1.2 million for 2006, 2 million in 2007) expected to add up to 7 million over 3 to 4 year period. Since all ARMs haven’t reset yet, the worst is yet to come. It may crest at 4 million per year in 2008 & 2009.
