PLANO, Texas -- Taking note of the continuing surge in U.S.foreclosures, Southwest Corporate Federal Credit Union Thursdaypointed to adjustable-rate mortgages and subprime loans ascontributing to high levels of foreclosures in Nevada, Californiaand Arizona.
The ARMs/subprime issue is really "no surprise," said a speciale-mailed newsletter distributed by Southwest Corporate InvestmentServices, a subsidiary consulting firm which quoted new nationaldata showing home foreclosures rose 53% in June.
Aside from the spike in foreclosures, "actual repossessionsalmost tripled according to RealtyTrac," said the Southwestnewsletter which pulled data from the Irvine, Calif. firm whichclosely follows real estate trends.
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