Thursday, November 1, 2007

Highlights from RealtyTrac Inc Report on Foreclosures

  • One property can have more than one mortgage and therefore more than one foreclosure notice
  • A total of 446,726 homes nationwide were targeted by some sort of foreclosure activity from July to September, up 100.1 percent from 223,233 properties in the year-ago period, according to Irvine-based.
  • The current figure was 33.9 percent higher than the 333,731 properties in foreclosure in the second quarter of this year.

  • There was one foreclosure filing for every 196 households in the nation during the most recent quarter

  • In all, 635,159 filings were reported in the third quarter, up 99.5 percent from the year-ago quarter and up 30 percent from the second quarter of this year.

  • RealtyTrac reported that three states with the highest foreclosure rates during the third quarter were Nevada, California and Florida.

  • Nevada reported one foreclosure filing for every 61 households, with 16,817 filings on 12,982 properties.

  • California led the nation in total foreclosure filings and reported one filing for every 88 households. The state had 148,147 filings on 94,772 properties, an increase in filings of 36 percent from the previous quarter and nearly four times more than the year-ago period.

  • In Florida, there were 86,465 foreclosure filings on 60,992 properties. Foreclosure filings rose 51.5 percent from the previous quarter and more than doubled from the same quarter last year.

  • Florida's foreclosure rate amounted to one filing for every 95 households.

The bottom line is that based on these number reported from RealtyTrac Inc. the implosion in the housing market seem to be accelerating rapidly.

Dan Perkins

1 comment:

Mauve said...

Thanks for writing this.