Foreclosure filings decline consecutively – Market Report
The half-yearly Foreclosure Report – released by Realtytrac – says there is a decline of foreclosure filings for the sixteenth straight month in the country. During the first six months of 2010, the total foreclosure filings number stood at 1,961,894. In essence – one in 78 housing units received foreclosure filings during this period.
The foreclosure filings include all stages – default notices issued by mortgage lenders to those home owners behind their payments; scheduled foreclosure sale public auction through Sheriff Sale and Trustee Sale; and also bank repossessions after foreclosure sale public auction.
On a comparison, the recorded foreclosure filings of this half year show a decrease of 5 percent from the second half of the year 2009; but increased by 8 percent when compared to the first six months of last year.
For the month of June alone, 313,841 properties from various parts of the country suffered a foreclosure filing, which is a decrease of about 3 percent from May 2010, and about 7 percent from same month last year.
On a quarterly basis analysis, one can find foreclosure filings reported on 895,521 properties – showing a decrease of about 4 percent from the first 3 months of 2010 ending March, but a marginal increase of less than 1 percent compared to the same period in 2009.
The foreclosure activity report reveals while the default notices served on borrowers and foreclosure auction notices issued to delinquents were fewer than the previous quarter, and also year-over-year, REO properties – that is repossessed properties by lending banks, have increased by 5 percent compared to quarter ending March 2010 – the actual figure being 269,962 nationally. This is an alarming 38 percent increase in bank-owned properties, compared to the second quarter of the year 2009.
Which are the states worst-hit by the foreclosure crisis, during the first 6 months of this year? Well – the highest ranking goes to Nevada, followed by Arizona, Florida in third place and California in the fourth place. It is a note-worthy point that these states are continuously finding a place in the Top Ten list of huge foreclosure filings, among the locations of U.S. real estate.
About This Post
[...] The half-yearly Foreclosure Report – released by Realtytrac – says there is a decline of foreclosure filings for the sixteenth straight month in the country. During the first six months of 2010, the total foreclosure filings number stood at 1,961,894. In essence – one in 78 housing units received foreclosure filings during this period. Read More.. [...]