200,000+ Foreclosures In November

U.S. Home Foreclosures Rise 68 Percent

U.S. home foreclosures rose 68 percent in November from a year earlier and may surge in 2008 as adjustable-rate mortgages leave subprime borrowers unable to meet higher payments, according to data compiled by RealtyTrac Inc. ...California, the most populous U.S. state and the most expensive real estate market, had five cities whose foreclosure rate was among the top 10 in the nation, RealtyTrac said. Stockton ranked first with one filing for every 99 households, Modesto was second with one for every 104 households and Merced was third with one for every 106 households. Vallejo-Fairfield ranked sixth and Riverside-San Bernardino was ninth.