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U.S. foreclosure filings have spiked 90% in the last year and have risen 19% between April and May alone.

That's some bad news in the housing market. But that's not all...

To put this in perspective, when did we have the most activity in the Adjustable Mortgage lending? In 2005 and 2006. Thus, the worse will be in 2007 and 2008, and maybe 2009, when these mortgages adjust. In my opinion, we have not see everything yet and things might, and probably will, get worse.

RealtyTrac does provide a free 7-day pass to get a service to see the foreclosed houses in your area. I tried a similar service from some other firm before, but was not totally satisfied. I might try RealtyTrac, as they're the biggest tracker. I would like to get tips/more info on how to navigate and take advantage of foreclosures. Share it if you know anything.

Reference
Mortgage foreclosures climb steeply - InvestmentNews