house foreclosures | Forclosed Property

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Between 1980 and 2004 the rate of residential house foreclosures in the United States has increased by 384%. That means that even though interest mortgage rates were over twice as high in 1980 as they are in 2004, almost four times the number of houses are being foreclosed upon in 2004 as in 1980. It is significant that foreclosures have increased by almost four times since 1980, and that in the past 12 months over 500,000 houses were foreclosed on in the United States. The banks and courts are overloaded with abandoned properties, foreclosed mortgages, seized houses, forfeited apartment buildings, shopping centers, strip malls, movie theaters, and raw land that can be obtained very cheaply by bidders who are ready to take over the Forfeited Properties either for their own use or for resale to the general public.

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