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SACRAMENTO, Calif.—The nation’s foreclosure hemorrhage slowed a bit
last month. Lenders repossessed 74,570 homes following foreclosure in April, down
more than 5% from March. April pre-foreclosures dropped 7.52% from March too”
according to California-based ForeclosureS.com (www.foreclosures.com) foreclosure information specialists.
“The sky isn’t falling, and the bottom of the housing market is in sight,”
says Alexis McGee, foreclosure information expert, educator, and president of ForeclosureS.com.
ForeclosureS.com, the original foreclosure website now with an expanded data base
of more than 5.5 million property listings, has beentheprofessional’ssource
for accurate foreclosure property information for more than two decades. The company
bases its analysis on the number of formal notices filed against a property during
the foreclosure process. That can include notice of default, notice of foreclosure
auction, and trustee’s deeds/REOs (real estate owned by lender through foreclosure).
In the1st quarter of the year, 2.8 of every 1,000 households ended up back in lenders
hands, up from 2.7 in 4th quarter 2007 (213,927 1st quarter
filings vs. 197,736 in 4th quarter 2007). Quarter over quarter 17 states
actually had fewer REO filings in April, ForeclosureS.com reports.
“That’s the good news. The bad news is that still 3.8 of every 1,000
households nationwide (288,497 REO filings) have been lost to foreclosure so far
this year,” says McGee, also author of
The ForeclosureS.com Guide to Advanced Investing Techniques You Won't Learn Anywhere Else
(Wiley, 2008), and
The ForeclosureS.com Guide to Making Huge Profits Investing
in Pre-foreclosures without Selling Your Soul (Wiley, 2007).
“Another 696,925 pre-foreclosure filings--9.4 of every 1,000 households—have
been recorded year-to-date with 179,046 filings in April,” adds McGee.
“The numbers tell us the economy isn’t dead,” adds McGee. “U.S.
gross domestic product was not negative as many had speculated and grew 0.6 % in
the first quarter. Combine that with positive moves by government and industry—including
the still-evolving FHA reform and tax credits, along with federal tax rebates--are
making a difference. The S&P 500, after dropping nearly 19% Oct. 9 to March
9, has since rebounded 11%. New jobless claims were lower than expected, and even
Treasury Secretary Henry Paulson is upbeat, predicting a pick-up in growth later
this year,” says McGee.
Let’s look closer at more REO and Pre-Foreclosure April 2008 numbers from ForeclosureS.com:
States with the most REO filings by household YTD include: Mississippi
(17.2 for every 1,000 households; 885 filings), Arizona (12.6 per 1,000; 23,841
filings), Nevada (11.3 per 1,000; 8,233 filings), Colorado (7.5 per 1,000; 11,721
filings), and Michigan (6.7 per 1,000; 20,069 filings).
REO filings by household by region YTD: Southwest, 5.4 filings per
1,000 households, up 116 percent from YTD 2007, up from 3.9 filings per 1,000 1st
quarter 2008, and 3.3 in 4th quarter 2007; Midwest, 3.9 filings vs. 3.2
YTD 2007, 3 per 1,000 1st quarter 2008, and 3.1 per 1,000 households
4th quarter 2007; Southeast, 3.8 filings YTD vs. 2.4 a year ago, 2.9
1st quarter 2008, 2.8 per 1,000 households 4th quarter 2007;
Northeast, 0.8 filings per 1,000 households YTD, up from 0.6 YTD 2007, 0.6 1st quarter
2008, and 0.7 4th quarter 2007.
States with the highest number of REO filings YTD: California, 70,863
filings (6.2 per 1,000 households); Florida, 24,764 (4 per 1,000); Arizona, 23,841
(12.6 per 1,000); Texas, 22,521 (3.8 per 1,000), and Michigan, 20,069 (6.7 per 1,000).
Among these top five, quarter over quarter the number of filings dropped in Texas
(17,042 1st quarter ’08 vs. 19,573 4th quarter ’07)
and in Michigan (14,749 vs. 16,986).
States with the most pre-foreclosure filings by household YTD include:
Nevada, 31.5 per 1,000 households (23,264 filings); Arizona, 28.7 per 1,000 (54,059
filings); Florida, 25.6 per 1,000 (162,316 filings, leading the nation in filings);
California, 13.9 per 1,000 (160,044 filings), and New Jersey, 9.6 per 1,000 (28,825
filings). (All these states are among the top 10 in numbers of filings, with March
to April numbers down in Nevada and California— down 24.68% and 17.58% respectively.)
Media Contact:
Sofia Gutierrez, ForeclosureS.com, 916-860-1190
or sofia@halldinpr.com
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