Monday, July 9, 2007

Foreclosures up 41% percent in first half of 2007

A press release from Foreclosures.com: “The foreclosure pox continues to spread unchecked across the country despite efforts by government and industry to stop it.”

“3 out of every 1,000 homeowners in the United States lost their homes to foreclosure in the first half of the year. That’s up 41 percent compared to the same period last year, according to the latest numbers from ForeclosureS.com, a California-based real estate investment advisory firm and longtime publisher of foreclosure and property information.”

“These per capita numbers translate to almost a quarter-million residential properties (247,907) that ended up in the hands of banks or lenders this year because homeowners couldn’t get their mortgage default problems solved, according to ForeclosureS.com, which tracks and analyzes foreclosure filing through its database of more than 3.2 million listings nationwide. Per capita reflects the number of filings as a percent of the number of households in an area.”

“‘Hundreds of thousands of more homeowners won’t be able to escape foreclosure for most of the rest of the year either unless stagnating housing prices and markets pick up, and the nation’s economy rebounds, too,’ says Alexis McGee.”

read more >>

--In other words, hundreds of thousands more will be losing their homes to foreclosure.
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3 comments:

Trent said...

I work for www.CurrentForeclosures.com and we have noticed an increase in the number of foreclosures across the nation since January. I believe it because of subprime lending, ARM loans, the depreciation in housing prices, and the lack of buyers on the market. I believe the market will begin to recover in mid-2008, after ARM interest rates rise in the beginning of the year ( there will be more fallout from that, so hopefully the market won't be able to fall any further!)

Hal F. Wit said...

Dimitris,

Thanks for allowing us to link.

The Drooling Oatmeal Investment Club

http://www.doic.net

Hal F. Wit

Anonymous said...

I believe the market will begin to recover in mid-2008,...

You're dreaming. By then perhaps foreclosures won't show month over month increases, but they will still be substantial.

eh