SACRAMENTO –Foreclosures nationwide climbed closer to record levels last month
as tens of thousands more struggling homeowners lost their properties. Consider
a few November numbers from ForeclosureS.com, theCalifornia-based real estate publisher
that’s been analyzing and publishing real estate and foreclosure data for
more than 20 years:
- 1,082,712 homes entered the foreclosure process nationwide during
the first 11 months of the year, up 93% from the same time last year (559,750),
and up over 7% from numbers through October.
- 526,936 (6.6 homes out of every 1,000) households nationwide
ended up back in the hands of lenders (REO’s) during the first 11
months of the year, up 41% from the same time last year.
- 72,101 homes nationwide were repossessed by lenders (REO’s) in November
alone, up 31.77 percent from October’s 54,718.
ForeclosureS.com, with its data base of 3.5 million property listings, bases its
analysis on the number of formal notices filed against a property in the foreclosure
process. Depending on the location and laws, there can be two to three filings per
property, including notice of default and/or notice of foreclosure auction, both
pre-foreclosure, and notice of REO or lender owned real estate, which happens after
a foreclosed property fails to sell at auction and reverts back to the lender.
Looking at pre-foreclosure filings as of December 1, according to ForeclosureS.com:
- On a per capita basis, 14.8 of every 1,000 households nationwide faced pre-foreclosure,
up nearly 93 percent from the same time last year.
- Preforeclosure filings are up 93%, but REOs are up only 41%. That means the 52%
were able to solve their foreclosure problem (through a refinance, loan modification,
finding the money or selling their home).
- All pre-foreclosures do not end up as REO because some homeowners avoid foreclosure
by working out their financial problems either individually or more recently with
the help of governments, institutions, and lenders.
ForeclosureS.com’s latest numbers also show some areas of the country with
triple-digit increases in pre-foreclosure and/or REO filings year over year. That
comes on top of the just-released third-quarter Mortgage Banker’s Delinquency
Survey that showed all-time highs in the number of homeowners starting the foreclosure
process—0.78 percent of all mortgages outstanding. A total 5.59 percent of
all mortgages were delinquent in the third quarter, MBA reports, too.
The news in new single-family home sales isn’t positive either, with October’s
seasonally adjusted annual rate down 23.5 percent from a year ago, according to
the U.S. Commerce Department.
All isn’t gloom and doom for the housing sector or the nation’s economy
though, says Alexis McGee, president of ForeclosureS.com, and author of “The
Foreclosures.com Guide to Investing: Making Huge Profits Investing in Pre-Foreclosures
Without Selling Your Soul” (John Wiley, 2007).
“Our newest ForeclosureS.com report shows pockets of actual drops in the
number of foreclosure and pre-foreclosure filings from a year ago. That’s
positive and that’s the real news despite overall numbers that generally are
up for the year and from 2006,” adds McGee.
“More foreclosures isn’t an unexpected trend as greater numbers of overextended
homeowners facing tightened credit run out of options to foreclosure,” says
McGee. “In fact, that scenario isn’t likely to end any time soon even
as government, banks, industry, and the private sector come up with various solutions
for some strapped homeowners. The housing financial crunch could ease a bit, but
only time will tell just how much of an effect and how many homeowners will be helped
by the various workout options to be made available.”
In the interim, the nation’s economy continues on track, though slowed a bit
by struggling credit markets, adds McGee. “New statistics point to strong
productivity. Private sector employment rose almost four times faster than expected
last month. New orders for manufactured goods climbed, and third-quarter productivity
growth was the strongest in four years, driving down labor costs. These all are
further signs the economy as a whole is sound and that inflation remains in check,”
adds McGee.
Let’s look closer at more pre-foreclosure and REO numbers from ForeclosureS.com
beginning with a filings-per-capita snapshot which offers the best indication of
real foreclosure trends:
- REOs by region per capita November 2007 year-to-date:
Midwest (Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio,
and Wisconsin): 8.8 filings per 1,000 households, up 23.94 percent from YTD 2006,
and the highest per capita filings nationwide.
Southwest (including Arizona, California, Colorado, Nevada, New
Mexico, Oregon, Texas, and Washington): 8.3 filings per 1,000 households, up 72.92
percent from YTD 2006.
Southeast (including Alabama, Arkansas, Florida, Georgia, Kentucky,
Mississippi, Tennessee, and Virginia): 7.1 filings per 1,000 households, up 31.48
percent from YTD 2006.
Other States (including Alaska, Hawaii, Idaho, Montana, and Utah):
6.2 REOs per every 1,000 households, down 1.59 percent from
YTD 2006.
Northeast (includes Connecticut, New Jersey, New York, Massachusetts,
Maryland, Pennsylvania, and the District of Columbia): 1.4 filings per 1,000 households,
up 7.69 percent from YTD 2006.
- REOs by Top 10 states per capita November 2007 year to date vs. same time
2006:
Nevada: 16.7 filings per 1,000 households in 2007 vs. 6.2 for
every 1,000 in YTD 2006, up 169.35 percent.
Colorado: 16.3 filings per 1,000 households in 2007 vs. 20.9
for every 1,000 households YTD 2006, down more than 22 percent.
Michigan: 15.4 filings per 1,000 households
vs.10.2 YTD in 2006, up 50.98 percent.
Louisiana: 14.7 filings per 1,000 households vs. 14.6 YTD 2006,
up less than one percent.
Georgia: 14.6 filings per 1,000 households vs. 12.2 YTD 2006,
up 19.67 percent.
Indiana: 11.3 filings per 1,000 households in 2007 vs. 12.3 filings
per 1,000 households YTD 2006, down 8.13 percent.
Missouri: 11.2 filings per 1,000 households in 2007 vs. 8.9 filings
per 1,000 households YTD 2006, up 25.84 percent.
Arizona: 11 filings per 1,000 households vs. 2.8 YTD 2006, up
292.86 percent.
Texas: 10.5 filings per 1,000 households YTD 2007 vs. 9.1 per
1,000 YTD 2006, up 15.38 percent.
Ohio: 10.4 filings per 1,000 households in the state YTD 2007
vs. 9 filings per 1,000 YTD 2006, up 15.56 percent.
- REOs by Top 10 filings per capita states for all of 2006:
- Colorado (23.8 filings per 1,000 households).
- Louisiana (20.7 filings per 1,000).
- Indiana (15.1 filings per 1,000 households).
- Georgia (14 filings per 1,000 households).
- Michigan (11.5 filings per 1,000).
- Missouri (10.1 filings per 1,000 households).
- Texas (10.1 filings per 1,000 households
- Tennessee (10.1 filings per 1,000 households)
- Ohio (9.9. filings per 1,000 households)
- Alabama (8.2 filings per 1,000 households)
- REOs among some of the highest per capita filings of larger counties November
2007 year-to-date:
Weld County, Colorado: 50.6 filings per 1,000 households in 2007
vs. 43.6 YTD 2006, up 16.06 percent.
Mohave County, Arizona: 48.1 filings per 1,000 households vs.
18.2 YTD 2006, up 164.29 percent
Saint Tammany Parish, Louisiana: 35.7 filings per 1,000 households
in 2007 vs. 44.1 YTD 2006, down 19.05 percent
East Baton Rouge Parish, Louisiana: 34.7 filings per 1,000 households
YTD 2007 vs. 33.3 filings per 1,000 households YTD 2006, up just 4.2 percent.
Adams County, Colorado: 31.6 filings per 1,000 households in
2007 vs. 43.7 filings YTD 2006, down 27.69 percent.
- REOs by number of filings November 2007 year-to-date regionally:
Southwest: Leads the nation with 219,747 filings year to date
2007, up 73.64 percent from YTD 2006.
Midwest: 137,795 filings YTD 2007, up 24.5 percent from YTD 2006.
Southeast: 124,721 filings YTD, up 31.44 percent from YTD 2006.
Northeast: 24,429 filings YTD, up 9.86 percent from YTD 2006.
Other States: 15,930 filings YTD, down
1.92 percent from YTD 2006.
- REOs by number of filings top 10 states November year-to-date 2007:
California: 82,085 filings YTD, up 424.77 percent from YTD 2006.
Texas: 62,478 filings YTD, up 15.53 from YTD 2006.
Ohio: 42,225 filings YTD, up 16.13 percent from YTD 2006.
Florida: 36,393 filings, up 156.23 percent from YTD 2006.
Michigan: 31,895 filings, up 51.59 percent from YTD 2006.
Georgia: 29,102 filings, up 19.48 percent from YTD 2006.
Colorado: 25,919 filings YTD, down 21.92
percent from YTD 2006.
Illinois: 21,851 filings YTD, up 25.15 percent from YTD 2006.
Arizona: 20,880 filings YTD, up 286.81 percent from YTD 2006.
Tennessee: 17,624 filings YTD, down 12.7
percent from YTD 2006.
- REOs among states with the highest number of filings in November:
California: Led the nation with 11,040 filings last month,
down 4.32 percent from October numbers, and up 359.81 percent
from November 2006.
Texas: 9,266 filings, up 104.19 percent from October, and up
60.9 percent from November 2006.
Florida: 5,087 filings in November, up 11.73 percent from October,
and up 197.83 percent from November 2006.
Ohio: 4,294 filings in November, up 5.25 percent from October,
and down 1.42 percent from November 2006.
Georgia: 3,657 filings, up 1.7 percent from October, and up 41.42
percent from November 2006.
- Pre-foreclosures per capita by region November 2007 year to date:
Southeast: Leading the nation with 19.9 filings per 1,000 households,
up 172.6 percent from YTD 2006.
Southwest: 17.8 filings per 1,000 households in the region, up
61.82 percent from YTD 2006.
Midwest: 11.3 filings per 1,000 households, up 94.83 percent
from YTD 2006.
Northeast: 9.5 filings per 1,000 households, up 126.19 percent
from YTD 2006 numbers.
Other States: 6.5 filings per 1,000 households, down7.14
percent from the same time a year ago.
- Pre-foreclosures per capita by Top 10 states November 2007 year to date):
Nevada: 46.5 filings per 1,000 households, up 110.41 percent
from TYD 2006; 34,765 filings.
Florida: 34 filings per 1,000 households, up 141.13 percent from
YTD 2006; 214,694 filings.
Arizona: 25.4 filings per 1,000 households, up 191.95 percent
from YTD 2006; 48,267 filings.
Colorado: 22.8 filings per 1,000 households, down
2.15 percent from YTD 2006; 36,654 filings.
California : 21.1 filings per 1,000 households, up 122.11 percent
from YTD 2006; 242,252 filings
New Jersey: 20.9 filings per 1,000 households, up 122.34 percent
for YTD 2006; 64,166 filings.
Illinois: 20.8 filings per 1,000 households, up 20.23 percent
from YTD 2006; 81,700 filings.
Georgia: 5.7 filings per 1,000; 32,671 filings.
Utah: 15.5 filings per 1,000 households; 9,939 filings.
Tennessee: 12.4 filings per 1,000 households; 25,715 filings.
- Pre-foreclosures among some of the highest per capita filings by larger
counties year-to-date November 2007:
Lee County, Florida: 72.3 filings per 1,000 households (13,632
filings).
Pinal County, Arizona: 61.3 filings per 1,000 households (3,759
filings).
Clark County, Nevada: 59 filings per 1,000 households (30,201
filings).
Riverside County, California: 57.2 filings per 1,000 households
(28,972 filings).
Saint Lucie County, Florida: 56.6 filings per 1,000 households
(4,357 filings).
Miami-Dade County, Florida: 51.7 filings per 1,000 households
(40,170 filings).
- Pre-foreclosures among some of the highest per capita filings by larger
counties for all of 2006:
Weld County, Colorado: 48.9 filings per 1,000 households (3,090
filings)
Adams County, Colorado: 46.8 filings per 1,000 households (6,002
filings).
Weber County, Utah: 36 filings per 1,000 households (2,362 filings).
Tarrant County, Texas: 35.3 filings per 1,000 households (18,871
filings)
Arapahoe County, Colorado: 33.8 filings per 1,000 households
(6,455 filings).
Will County, Illinois: 32.5 filings per 1,000 households (5,451
filings).
Clark County, Nevada: 27.6 filings per 1,000 households (14,154
filings)
- Pre-foreclosures by region and number of filings November 2007 year-to-date:
Southwest: Leading the nation with 464,490 filings year to date,
up 62.2 percent from the same time last year. (The Southwest has the largest number
of households by region, more than 26 million compared with just about 17 million
in the Northeast, the region closest in number of households).
Southeast: 293,046 filings year to date, up 171.4 percent from
YTD 2006.
Northeast: 160,478 filings YTD, up 125.89 percent from YTD 2006
numbers.
Midwest: 150,596 filings YTD, up 94.2 percent from YTD 2006.
Other States: 15,487 filings so far this year, down
7.91 percent from YTD 2006.
- Pre-foreclosures by Top 10 states in numbers of filings November 2007 year
to date vs. same time 2006:
California: 242,252 filings, up 122.35 percent from YTD 2006.
Florida: 214,694 filings YTD, up 140.32 percent from YTD 2006.
Illinois: 81,700 filings YTD, up 19.99 percent from YTD 2006.
Texas: 69,087 filings YTD, down 13.54
percent from YTD 2006.
New Jersey: 64,166 filings YTD, up 123.4 percent from YTD 2006.
Arizona: 48,267 filings YTD, up 193.06 percent from YTD 2006.
New York: 45,758 filings, up 71.08 percent from YTD 2006.
Colorado: 36,654 filings YTD, down 2.21
percent from YTD 2006.
Nevada: 34,765 filings, up 110.8 percent from YTD 2006.
Tennessee*: 25,715 filings YTD, up 367.21 percent from YTD 2006.
(* Though ForeclosureS.com numbers actually showed Georgia as No. 10 in terms of
number of foreclosures, year over year comparative numbers are not accurate because
of growth to our Georgiadata base. )
- Pre-foreclosures among some of the highest number of filings by larger counties
for November 2007:
Maricopa County, Arizona: 7,489 filings, down
1.4 percent from October’s filings
Miami-Dade County, Florida: 5,634 filings, up 21.16 percent from
October’s filings.
Los Angeles County, California: 4,739 filings, down
9.18 percent from October.
Cook County, Illinois: 4,615 filings, up 7.65 from October.
Broward County, Florida: 4,440 filings, up 20.55 percent from
October.
To get the details of what's happening with foreclosures and
housing markets in your state, region, and county, including year-to-date and month-to-month
comparisons per capita and in filing numbers, please visit http://www.ForeclosureS.com/www/pages/pressinquiry.asp.
The Truth about Foreclosure Investing: Check your favorite book
source for Alexis McGee's new book: The ForeclosureS.com Guide to Investing in Pre-foreclosures
Without Selling Your Soul, John Wiley and Sons (paperback), and coming soon
is McGee's second book, The Foreclosures.com Guide Advanced Investing Techniques
You Won't Learn Anywhere Else (Wiley, Spring 2008).
About ForeclosureS.com: Sacramento-based ForeclosureS.com, publisher
of foreclosure property information for more than two decades, has more than 3.5
million listings of current foreclosure filings covering nearly 1,500 major U.S.
counties.
More Here: "ForeclosureS.com: The OTHER Foreclosure Listing Source Has the
Right Numbers!"
To ensure accuracy, http://www.foreclosures.com/
bases its statistics on the numbers of formal notices filed against a property in
the foreclosure process. In some states that can mean up to three filings against
one property--notice of default, notice of foreclosure auction, and notice of REO--after
a property has gone to foreclosure auction and a bank or lender takes possession
of a property. In other states, it's only two filings--auction notice and REO notice.
Whatever the case, the same property can be counted multiple times, and inaccurately
skew the numbers. To avoid that, ForeclosureS.com reports only two sets of numbers,
Pre-foreclosure (filings before foreclosure) and REO (after foreclosure) filings.
Media Contact:
Sofia Gutierrez, ForeclosureS.com, 916-860-1190
or sofia@halldinpr.com
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