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SACRAMENTO, Calif.— For the second consecutive month fewer homeowners lost
their properties to foreclosure. In fact May foreclosures dropped 11.98% from April.
The number of homeowners facing pre-foreclosure also was down again -- 8.89% from
April, according to California-based
www.foreclosures.com the original foreclosure information specialists.
ForeclosureS.com, with an expanded data
base of more than 5.5 million property listings, has beentheprofessional’ssource
for accurate foreclosure property information for more than 20 years. 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/or notice of REO foreclosure (lender-owned real estate that occurs
after a foreclosed property fails to sell at auction and reverts back to the lender).
“The numbers support what I’ve been saying
for a while – the housing market is not as bad as what you hear,” says
Alexis McGee, foreclosure information expert, educator, and president of
ForeclosureS.com. “The
market is showing signs of forming a bottom as supply catch up with demand because
fewer new homes are being built and buyers are flocking back into a much more affordable
market. Yes there are tons of foreclosures glutting our inventory, but foreclosures
are not increasing as many believe. And for the many homeowners who have already
defaulted, efforts by government and industry helping homeowners work out their
mortgage problems appear to be paying off,” says McGee, 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).
“Of course
we’re far from out of the woods,” she adds. “Despite the
positive news, year-to-date 4.6 of every 1,000 households nationwide were repossessed
by their lenders (353,621 total REOs YTD, up 68.36% from 210,033 filings YTD 2007).
Month over month May’s 65,754 REO filings were down 16.02% from March numbers.
Also YTD, 11.7 out of every 1,000 households faced pre-foreclosure (854,923 pre-foreclosure
filings YTD, up 80.01% from 474,929 YTD 2007). But month-to-month numbers were more
positive. May had 161,146 pre-foreclosure filings, down 16.63% from March,”
says McGee.
“Even with first-quarter mortgage delinquency rates from the Mortgage Bankers
Association at a seasonally adjusted 6.35% of all loans outstanding (loans in foreclosure
aren’t included), which is the highest recorded by the MBA since 1979, today’s
more current ForeclosureS.com numbers which include
April and May indicate a brightening foreclosure picture. We just may have turned
the corner,” adds McGee.
Let’s look at more numbers from
ForeclosureS.com:
·
January-May 2008 -- States with the most REO filings YTD:
|
State
|
Filings
|
Per Household
|
|
California
|
88,687
|
0.77 %
|
|
Arizona
|
30,979
|
1.63 %
|
|
Florida
|
30,885
|
0.49 %
|
|
Texas
|
26,183
|
0.44 %
|
|
Michigan
|
23,575
|
0.79 %
|
|
Ohio
|
17,758
|
0.46 %
|
|
Georgia
|
17,385
|
0.83 %
|
|
Colorado
|
14,059
|
0.89 %
|
|
Nevada
|
10,760
|
1.46 %
|
|
Illinois
|
10,220
|
0.27 %
|
·
January-May 2008 -- States with the most Pre-Foreclosure filings YTD:
|
State
|
Filings
|
Per Household
|
|
Florida
|
203,250
|
3.21 %
|
|
California
|
197,787
|
1.72 %
|
|
Arizona
|
67,960
|
3.60 %
|
|
Illinois
|
40,978
|
1.07 %
|
|
New Jersey
|
37,182
|
1.21 %
|
|
Texas
|
29,061
|
0.55 %
|
|
Nevada
|
28,255
|
3.80 %
|
|
Georgia
|
25,595
|
0.93 %
|
|
New York
|
21,425
|
0.45 %
|
|
Colorado
|
18,088
|
1.13 %
|
·
Month to Month 2008 -- REO filings by Region YTD:
|
Region
|
Households
|
January
|
February
|
March
|
April
|
May
|
Totals
|
Per Household
|
|
|
16,188,059
|
16,560
|
13,955
|
17,463
|
15,230
|
12,270
|
75,478
|
0.47 %
|
|
|
17,241,813
|
15,645
|
14,054
|
19,565
|
16,205
|
15,773
|
81,242
|
0.47 %
|
|
|
16,901,489
|
2,558
|
2,643
|
2,964
|
3,482
|
2,205
|
13,852
|
0.08 %
|
|
|
27,468,097
|
33,064
|
36,185
|
38,231
|
39,730
|
35,400
|
182,610
|
0.66 %
|
|
Other States
|
571,142
|
113
|
89
|
76
|
55
|
106
|
439
|
0.08 %
|
|
Nationwide
|
78,370,600
|
67,940
|
66,926
|
78,299
|
74,702
|
65,754
|
353,621
|
0.45 %
|
·
Month to Month 2008 -- Pre-Foreclosure filings by Region YTD:
|
Region
|
Households
|
January
|
February
|
March
|
April
|
May
|
Totals
|
Per Household
|
|
|
11,622,253
|
17,489
|
15,838
|
19,711
|
16,370
|
18,507
|
87,915
|
0.76 %
|
|
|
17,983,744
|
51,449
|
52,738
|
60,057
|
59,071
|
55,943
|
279,258
|
1.55 %
|
|
|
17,428,745
|
20,353
|
21,768
|
24,570
|
20,454
|
17,879
|
105,024
|
0.60 %
|
|
|
26,950,165
|
73,267
|
70,042
|
88,455
|
80,591
|
68,378
|
380,733
|
1.41 %
|
|
Other States
|
582,685
|
249
|
414
|
499
|
392
|
439
|
1,993
|
0.34 %
|
|
Nationwide
|
74,567,592
|
162,807
|
160,800
|
193,292
|
176,878
|
161,146
|
854,923
|
1.15 %
|
Media Contact:
Sofia Gutierrez, ForeclosureS.com, 916-860-1190
or sofia@halldinpr.com
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