July 14, 2008 found at businesswire.com
SACRAMENTO, Calif.--()--Almost a half-million Americans lost their homes to foreclosure in the first half of the year, nearly double the same time a year ago. That’s six of every 1,000 households nationwide repossessed by the bank following foreclosure so far in 2008, according to ForeclosureS.com (www.foreclosures.com), California-based foreclosure information specialists.
“If the trend continues, we could see one million properties lost to foreclosure across the country by year-end,” says Alexis McGee, expert, educator, and president of ForeclosureS.com. Now with an expanded data base of more than 5.5 million property listings, ForeclosureS.com has been the professional’s source for accurate foreclosure property information for more than 20 years. The company bases its analysis on the number of formal notices filed against a property during the foreclosure process. That can include notice of default, notice of foreclosure auction, and/or notice of REO (lender-owned real estate that occurs after a foreclosed property fails to sell at auction and reverts back to the lender).
REO filings for June (87,465) were up 5.35% over May, and up 15.76% quarter over quarter (2nd quarter 244,230 filings vs. 210,980 1st quarter), ForeclosureS.com reports.
Pre-foreclosures Exceed One Million
Pre-foreclosure filings already have surpassed the one million mark in the first half of the year, with 1,060,187 filings as of June 30, nearly double the 558,178 the same time a year ago. Looking at the numbers another way, 14.6 of every 1,000 households nationwide have been forced to deal with pre-foreclosure this year, up more than 87% from a year ago.
Quarter over quarter, however, the jump in pre-foreclosure filings was much less both in numbers (547,211 filings up 6.67% from 512,976 in 1st quarter), and on a per household basis (7.6 filings for every 1,000 households, up 7.04% from the 1st quarter). Part of the reason for softened numbers was the 4.25% drop in June pre-foreclosures over May—181,779 vs. 189,854.
Optimism for the Future
“Nonetheless, Americans remain optimistic on the future of the housing industry as some of the newest industry numbers indicate,” says McGee, also author of The ForeclosureS.com Guide to Advanced Investing Techniques You Won't Learn Anywhere Else (Wiley)
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, and The ForeclosureS.com Guide to Investing in Pre-foreclosures Without Selling Your Soul (Wiley), both available from Amazon.com. “Existing home sales were up 2% nationwide in May, according to National Association of Realtors, and California, a leader in numbers of foreclosure filings, reported an 18.1% increase in home sales in May,” McGee adds. “Dropping new construction and housing inventory numbers are positive signs, too, because that means housing oversupply is catching up with demand.”
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Let’s look at more numbers from ForeclosureS.com:
|Triple digit increases in REOs on a
per household basis YTD: Mississippi (21.5 filings per 1,000
households up 225.76% from YTD 2007); Arizona (21.4 per 1,000 up nearly
422% from YTD 2007), and Nevada (20.3 per 1,000 up 167.1% from YTD
||California leads in REO filing numbers:
California (116,857 filings or 10.2 of every 1,000 households), Florida
(43,744 filings or 7 of every 1,000 households), and Arizona (40,639
||Southwest struggles with most REO
filings by household YTD: Southwest, 8.7 out of every 1,000 households;
Southeast, 6.2 of every 1,000; Midwest, 6 out of 1,000; Northeast, 1.2 per
1,000, and Other States (Alaska and Hawaii), 1.1 per 1,000.
||June REO filings drop in Midwest,
Northeast: Month to month REO filings by regions include the Southwest,
45,992 filings in June, up 3.44% from May’s
44,463; Southeast, 23,157 June filings up 18.51% from May’s
19,540 filings; Midwest, 15,494 June filings, down 3.19% from May’s
16,005; Northeast, 2,686 June filings down 7.51% from May’s
2,904 filings; and Other States, 136 June filings up 23.64% from May’s
||Triple digit increases in pre-foreclosure
filings by household YTD include: Nevada (48.3 filings per 1,000
households, up 123.61% from YTD 2007; 35,705 filings YTD vs. 15,776 YTD
2007); Arizona (46.5 filings per 1,000 households YTD up 416.67% from YTD
2007; 87,773 filings YTD vs. 16,936 YTD 2007); Florida (40.9 filings per
1,000 households, up 188.03% from YTD 2007; 257,818 filings vs. 89,412
filings YTD 2007).|
For expert commentary and in person interviews please contact Alexis McGee, President, ForeclosureS.com at email@example.com or call 800-310-7730 x122.
Please visit our site for detailed Foreclosure Statistics for your state or county: http://www.foreclosures.com/stats/.
For help using our Statistics Pages please contact firstname.lastname@example.org or call 800-310-7730 x3.