Thousands face multiple foreclosures

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Though signs of recovery in the housing market are emerging, thousands of people in Southern California are in danger of losing their homes to foreclosure--someone of them even face losing two or three homes, Alana Semuels reports today.

The problem is especially visible in areas that attracted speculative buyers during the boom. In Maricopa County in Arizona, which includes Phoenix, at least 283 individuals have received a foreclosure notice on two or more properties since 2006, according to data provided by RealtyTrac Inc.

Multiple foreclosures are “probably more common in this decade than they’ve ever been because everyone was running to get into the real estate investing business,” said Rick Sharga, a senior vice president at RealtyTrac.