October Foreclosure Rates
Posted in General Real Estate Info by Karen Rhodes on November 29th, 2007 RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its October 2007 U.S. Foreclosure Market Report, which shows a total of 224,451 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, up 2 percent from the previous month and up 94 percent from October 2006. The national foreclosure rate for the month was one foreclosure filing for every 555 households.
Tennessee is still running in the 11th highest rate in the nation with 1 in every 580 households entering some state of the foreclosure process. This figure represents an increase over last month of 12.79% and 23.92% over last October.
10. Illinois
9. Indiana
8. Arizona
7. Colorado
6. Michigan
5. Georgia
4. Ohio
3. Florida
2. California
And the winner is
1. Nevada
likewhoa » October Foreclosure Rates said,
November 29, 2007 @ 11:53 am
[...] Check it out! While looking through the blogosphere we stumbled on an interesting post today.Here’s a quick excerpt RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its October 2007 U.S. Foreclosure Market Report, which shows a total of 224,451 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, up 2 percent from the previous month and up 94 percent from October 2006. The national foreclosure rate for the month was one foreclosure filing for every 555 households. [IMG ] Tennessee is still r [...]
Tim Foster said,
December 27, 2007 @ 5:19 am
[…]I don’t think you will see any real improvement until late 2009. I don’t think we are anywhere near this cycle being at the bottom yet, may be late 2008 this cycle will bottom out.
http://www.johnbeck.tv
[…]
Tim Harris said,
January 13, 2008 @ 10:28 pm
I wish you luck with your blogging endeavors! Please visit me as I continue to strive to help Realtors grow in today’s market. Let me know if there is any way I can help to improve your insight into contemporary transactions!!
Chantal in Florida said,
January 21, 2008 @ 6:06 pm
I don’t think anyone can predict the bottom of the market. What I can say is that bank owned properties are exceptionally cheap right now. Often 60 to 70% LTV. Now is a great time to buy those properties. What most people don’t understand is that the banks can only sustain so much of a loss. They are willing to sell those homes at their bottom price. So whether you wait for the rest of the market to drop or buy those foreclosure homes now…really makes no difference whatsoever.
tax foreclosure said,
May 26, 2008 @ 5:30 am
Forclosure is a big term. I big jump at this point is to be expected. A decline going forward is also in the cards. Let me explain. 60 days (Apr 10-Jun 10) after property taxes are due the 58 Counties report arrears. In the next several months those are corrected. I know of no one who ever misses a second tax date by accident; the penalties are huge. Many that “miss” are corrected as escrow closes. Some unknowable number of the above circumstances are settled in subsequent reporting periods. In these frothy times pre-foreclosures are not a reliable indicator. The foreclosures are the important number and so far they are still bouncing along at historic lows. That will change but not today.
Karen Rhodes said,
May 26, 2008 @ 8:58 am
You obviously haven’t looked at the foreclosures in the Hamilton County area. We are recording record highs. A quote from TFP yesterday:
“From January through April, 421 properties in Hamilton County were lost by their former owners through foreclosure — the highest level for the period on record. In the same period a year ago, Hamilton County recorded 329 property foreclosures, and a decade ago foreclosures in the first four months of the year totaled only 127.”