Tuesday, July 15, 2008

On trend to one million foreclosures by year end

HW comments on the disturbing increase on nationwide foreclosure filings as reported by real estate information service ForeclosureS.com:

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 real estate information service ForeclosureS.com.

“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.

REO filings for June — all 87,465 of them — were up 5.35 percent over May and up 15.8 percent quarter over quarter, McGee said. Not surprisingly, REO volume has been centered inc California, Florida, and Arizona; California alone has seen 116,857 REO properties come online this year, representing 10.2 of every 1,000 households in the state.

source: Nearly Half-Million Foreclosures in First Half of 2008: Report

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