More than 2.2 million foreclosure filings on nearly 1.3 million properties. A 75 percent increase in foreclosure activity from 2006. Those are the headlines from RealtyTrac’s 2007 year-end foreclosure report.
But there’s more to the story.
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California cities are exploding to the top of the foreclosure list. Three cities with the highest foreclosure rates in the nation are Stockton,Ca., Detroit, Michigan, and Riverside-San Bernardino, Ca. Two (three, if you separate Riverside and San Bernardino), in California are at the top of the list.
According to RealtyTrac.com, these cities had the highest foreclosure rates among the nation’s 100 largest metropolitan areas during the third quarter in their 2007 “Metropolitan Foreclosure Market Report”. California had seven cities in the top 25 metro foreclosure rates.
James J. Saccacio, chief executive officer of RealtyTrac stated,
Although cities in just three states — California, Ohio and Florida — accounted for more than two-thirds of the top 25 metro foreclosure rates, increasing foreclosure activity was not limited to just a few hot spots. In fact, 77 out of the top 100 metro areas reported more foreclosure filings in the third quarter than they had in the previous quarter. Still, there continue to be pockets of the country — most noticeably metro areas in the Carolinas, Virginia and Texas — that have thus far dodged the foreclosure bullet.
The breakdown of mortgage foreclosures
Foreclosures
Since July, 2006, the number of foreclosures in the United States have increased by 93 percent, according to RealtyTrac’s July 2007 U.S. Foreclosure Market Report.
RealtyTrac’s July 2007 U.S. Foreclosure Market Report, which shows a total of 179,599 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, up 9 percent from the previous month and up 93 percent from July 2006. The report also shows a national foreclosure rate of one foreclosure filing for every 693 households for the month.
This is just the beginning of the number of foreclosures to come, according to analysts and forecasters. The sizable numbers of foreclosures seem to indicate that the housing boom of the last four or five years was built on subprime loans. Everyone is pointing the finger at the borrower who received a subprime loan for a home that was later foreclosed on, and saying things like, “they should not have been given a loan in the first place, because they could not afford it!. [Read more →]
California, Florida, Michigan, Ohio and Georgia together accounted for 55 percent of all U.S. foreclosure filings in July, according to the RealtyTrac U.S. Foreclosure Market Report released today. The foreclosure filings tracked in the report are default notices, auction notices and bank repossessions….(read more)
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More than 925,000 foreclosure filings were reported on more than 573,000 properties in the first half of 2007, according to the RealtyTrac Midyear 2007 U.S. Foreclosure Market Report, released today. The report marks the first time that RealtyTrac has included a count of unique property addresses in some stage of foreclosure. But whether you count by total foreclosure filings or number of properties affected by foreclosure, foreclosure activity is up more than 55 percent from the first half of 2006….(read more)
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Foreclosure is the process where the lender of a mortgage terminates the borrower’s interest in the property secured by the mortgage loan. It is a termination of all rights of the homeowner covered by a mortgage. Once the foreclosure process is completed, the lender becomes the absolute owner of the property.
The trigger of the foreclosure process is when a homeowner misses a payment or fails to make payments of the money due on the mortgage at the appointed time. Many factors can cause this situation, like losing a job, becoming ill and unable to work, divorce and many other scenarios. However, the lender rarely considers any reason valid enough when they don’t get their payments on time.
Foreclosure allows the lender to “repossess” the property secured by the loan, and sell the property legally to try and recover the loan amount. Currently, foreclosures
Remember, the lender generally is not interested in owning your home, and you do not want to lose your home, so it’s time for a compromise!
