Q2 Foreclosures Double

Friday, July 25, 2008 | 07:38 AM


“Forty-eight of 50 states and 95 out of the nation’s 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter."
-RealtyTrac CEO James J. Saccacio, Q2 U.S. Foreclosure Market Report. 


The latest RealtyTrac foreclosure data is out, and it is rather astonishing: Almost 740,000 properties were in some stage of the foreclosure process, the most since they began tracking this data in January 2005. That represents one in every 171 U.S. homeowners that either 1) lost their house to foreclosure; 2) received a default notice or 3) was warned of a pending auction. This is an increase of 121% from a year earlier, and is a 14% rise  quarter over quarter. Falling home values have prompted RealtyTrac to almost double the projected number of foreclosures this year to about 2.5 million.

Pimco's Bill Gross noted that 25 million U.S. homeowners might soon be underwater -- risk owing more than the value of the their homes, according to Bloomberg. That would make it nearly impossible to negotiate better loan terms or sell their property without some additional cash contribution.

As the chart below shows, the number of properties with some sort of foreclosure action against them (default notice, auction notice, bank repossession) has risen for the past eight consecutive quarters.


US Quarterly Foreclosures by QuarterForeclosure_data_q2_08

chart courtesy of RealtyTrac


Is Eight Enough?
RealtyTrac, July 25, 2008 2:00 AM

Foreclosures Double in Second Quarter as U.S. Home Prices Fall
Bob Ivry   
Bloomberg, July 25 2008

Friday, July 25, 2008 | 07:38 AM | Permalink | Comments (21) | TrackBack (0)
de.li.cious add to de.li.cious | digg digg this! | technorati add to technorati | email email this post



TrackBack URL for this entry:

Listed below are links to weblogs that reference Q2 Foreclosures Double:


all is well, ALL IS WELL!

Posted by: jhunt | Jul 25, 2008 7:49:03 AM

The comments to this entry are closed.

Recent Posts

December 2008
Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      


Complete Archives List



Category Cloud

On the Nightstand

On the Nightstand

 Subscribe in a reader

Get The Big Picture!
Enter your email address:

Read our privacy policy

Essays & Effluvia

The Apprenticed Investor

Apprenticed Investor

About Me

About Me
email me

Favorite Posts

Tools and Feeds

AddThis Social Bookmark Button

Add to Google Reader or Homepage

Subscribe to The Big Picture

Powered by FeedBurner

Add to Technorati Favorites


My Wishlist

Worth Perusing

Worth Perusing

mp3s Spinning

MP3s Spinning

My Photo



Odds & Ends

Site by Moxie Design Studios™