Foreclosures Up 48% in May

Friday, June 13, 2008 | 07:00 AM

RealtyTrac, which assembles foreclosure data on a state and national basis, notes that one in every 483 U.S. households received a foreclosure filing during the month of May. This is the highest monthly foreclosure rate since they began tracking foreclosures in January 2005.

Here's the breakdown:

• Lenders took possession of 73,794 houses in May -- 158% greater than the 28,548 REOs in May 2007
• 1.2 million foreclosed single-family homes will enter the market
• Foreclosures will account for 30% of national home sales in 2008
• Bank repossessions (REOs) accounted for 28% of total foreclosure activity
• Default notices increased 35% year over year
• The 3 highest foreclosure rates by state are Nevada (1 in every 118 households), and California (1 in every 183) Arizona's (1 out of 201) in May 2008
• Auction notices were up 13% year over year (but decreased 3% from the previous month)
• Foreclosed properties typically sell for ~20% less than comparable homes
• Foreclosed properties depress local home prices by 6%

Wow, those are pretty robust numbers. Based on the foreclosure data alone, it appears that Housing is accelrating to the downside -- we are nowhere near a sustainable bottom yet  . . .

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Sources:
Foreclosure Downpour Continues in May
RealtyTrac, Friday, June 13, 2008 2:00 AM
http://www.foreclosurepulse.com/archive/2008/06/11/45351.aspx

Foreclosures Rise 48% in May as U.S. Bank Repossessions Double   
Bob Ivry 
Bloomberg, June 13 2008
http://www.bloomberg.com/apps/news?pid=20601087&sid=aA1ZBbzQ6gzA&

Friday, June 13, 2008 | 07:00 AM | Permalink | Comments (25) | TrackBack (0)
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Comments

If foreclosure- and Reo- buyers are 60% of the market, then the whole trading up thing is dead and everyone is frozen in place. That's sure how it feels.

Posted by: rww | Jun 13, 2008 7:33:21 AM

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