Foreclosure Numbers Continue To Soar

by Peter G. Miller
March 13th, 2008

News on the foreclosure front continues to be woeful. Figures from RealtyTrac.com show that not only do foreclosure problems continue, they are significantly worse than a year ago.

Figures from RealtyTrac show that “foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 223,651 properties nationwide during the month, a 4 percent decrease from the previous month but still a nearly 60 percent increase from February 2007. The report also shows one in every 557 U.S. households received a foreclosure filing during the month.

“RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

“The 4 percent monthly decrease this February was similar to the 6 percent monthly decrease we saw in February 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, the year-over-year increase of 60 percent this February was significantly higher than the 19 percent year-over-year increase in February 2007, indicating we have still not reached the peak of foreclosure activity in this cycle.”

Given the vast number of toxic loans which remain outstanding, there remains plenty of need for FHA financing. Efforts to convert delinquent conventional borrowers to FHA mortgages should be welcomed and encouraged.

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This entry was posted on Thursday, March 13th, 2008 at 3:53 am and is filed under . You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

One Response to “Foreclosure Numbers Continue To Soar”

  1. foreclosurefish Says:

    Good post. The foreclosures keep getting worse, these bad mortgages keep going into default, and what does the government propose as a solution? Nationalizing the banks by having the Federal Reserve buy up all this bad debt and sticking it with the American people — the same ones who have been living so far beyond their means that they can’t afford to pay their own mortgages, let alone take on the financial burden of the banks.

    Converting to an FHA loan would probably be a much better solution to help out the homeowners, rather than just giving banks more money. At least that is a slightly better use of tax money, and may help homeowners keep their properties in some cases.

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