Thursday, October 23, 2008

Foreclosures Fall in Sept., Partly Due to Legislation


RealtyTrac, the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report for September 2008 and Q3 2008. Foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 265,968 properties in September, a 12% decrease from the previous month but still a 21% increase from September 2007 (see map above). One in every 475 U.S. housing units received a foreclosure filing in September (that's 0.21% of households).

“Much of the 12% decrease in September can be attributed to changes in state laws that have at least temporarily slowed down the pace at which lenders are moving forward with foreclosures,” said James J. Saccacio, CEO of RealtyTrac.

Six states accounted for more than 60% of U.S. foreclosure activity in the third quarter (CA, AZ, NV, FL, MI and OH). California alone accounted for more than 27 percent of the nation’s foreclosure activity, with 210,845 properties receiving a foreclosure filing during the quarter — up 4 percent from the previous quarter and up more than 122 percent from the third quarter of 2007.

The cities with the 10 highest foreclosure rates among the nation’s 100 largest metropolitan areas in the third quarter were all located in California, Florida, Arizona and Nevada.

9 Comments:

At 10/23/2008 12:08 PM, Anonymous Anonymous said...

They have done a great disservice for most of these folks as this phony economy grinds to a halt as deflation takes hold, most will end up losing their homes anyway. The survivors will be hit by the plague that is behind then next door as the currency is destroyed in an attempt to prop up over valued asserts. The luck ones have already been foreclosed on.

 
At 10/23/2008 1:07 PM, Blogger juandos said...

"They have done a great disservice for most of these folks as this phony economy grinds to a halt as deflation takes hold, most will end up losing their homes anyway"...

Oh! Boo! Hoo! Losers losing their homes! Boo! Hoo! Boo! Hoo!

We of course know just how the party of Pelosi, Reid, and Obama want to fix that situation...

 
At 10/23/2008 1:27 PM, Anonymous Kevin said...

Anonymous - get a clue - most foreclosures aren't hardship - it's investors or others CHOOSING to walk away from an investment they have a paper loss with.

 
At 10/23/2008 3:57 PM, Anonymous Anonymous said...

http://www.msnbc.msn.com/id/27329406/

WASHINGTON - The number of homeowners ensnared in the foreclosure crisis grew by more than 70 percent in the third quarter of this year compared with the same period in 2007, according to data released Thursday.

 
At 10/23/2008 5:58 PM, Blogger DB said...

Not everyone is a loser in this market. These things are never a zero sum situation.

http://www.businessweek.com/magazine/content/08_43/b4105051868168.htm

 
At 10/23/2008 11:28 PM, Anonymous qt said...

db,

God love you but could you learn how to post a link.

HTML lessons.

 
At 10/24/2008 12:15 AM, Anonymous free market fools said...

Today, the free-market champion Alan "Partially Responsible" Greenspan told Congress that the economic meltdown wasn't his fault, but that there was a flaw in his economic assumptions.

It's Greenspan-speak, so you figure it out.

He said he made a mistake in believing that banks, operating in their own self-interest, would do what was necessary to protect their shareholders and institutions. He called that "a flaw in the model ...that defines how the world works."

 
At 10/24/2008 6:18 AM, Blogger DB said...

Is this better?
Thanks for the pointer qt,...I learned something new today.
db

 
At 10/24/2008 11:52 AM, Anonymous qt said...

db,

That's much better. Couldn't open the original link.

Thanks for the great article.

 

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