No Speed Breakers in the Second Quarter Foreclosure Activity
August 6th, 2008
With no speed breakers in the second quarter, US foreclosure activities recorded a rise of 14% in the second quarter of 2008 and a soaring high of 121% from the same period of 2007 with foreclosure filings mounting to 739,714 US properties during the months of April to June 2008 according to RealtyTrac information. It also released in its second quarterly report on foreclosure that one in every 171 US households had received a foreclosure filing in the last quarter.
RealtyTrac is the ace online for real estate and foreclosure properties market, and provides the most exhaustive database information on foreclosure and bank-owned properties of the whole nation. Its network stretches across 2200 counties in the country and deals with over1.5 million properties. It also provides data on foreclosure properties to MSN Real Estate, Yahoo Real Estate and the Wall Street Journal’s Real Estate Journal.
James J. Saccacio, chief executive officer of RealtyTrac commented that, almost all the states of the country has seen an increase in foreclosure activities. Some particular states however experienced hectic foreclosure activity keeping ahead of the others in the foreclosure race that needed particular mention was Nevada, California, Florida, Ohio, Arizona and Michigan. The reports showcased a dismal figure of foreclosure even for the metros. 95 out of the nation’s 100 largest metros were under the grip of the foreclosure crisis and 48 out of 50 states digested a year to year rise in foreclosure activities.
Bank repossessions of foreclosure properties were also on the rise, since the market for mortgaged properties was almost non-existent. Of the total number of foreclosure filings in the second quarter, 30% accounted for bank repossessions, registering a hike of 24% over the number of the first quarter of 2008. The recent shift in foreclosure activity might indicate that the market mechanism is increasingly moving to weed out the problem loans from the system in order to revive the tattered housing market and help it recover normal healthy transactions, as in the past. Saccacio however does not perceive any silver lining to the foreclosure activities in the near future and anticipates that a fresh round of defaults is likely to deluge foreclosure activities and block the recovery process of the real estate market.
The individual statistics of states, groaning under the foreclosure debacle has also been laid bare by RealtyTrac and is in no way promising signs of recovery during the second half of 2008.
- Florida Courts are Overwhelmed by Foreclosure Cases as Justices Mull Over Solutions
- Spurt in Sales of Foreclosed Properties
- Foreclosure Climate Changes Spirit of Competition to Cooperation Among Contractors
- Bouncing Cheques Issued by Title Companies Lead to Foreclosures
- Increase in Foreclosures Prompting Class Action Legal Suits
- Avoiding Foreclosures by Walking Away From Loans are not Without Problems
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