Foreclosure filings up again in June
RealtyTrac says unemployment driving much of increase
By Inman News, Thursday, July 16, 2009.Foreclosure-related filings rose 4.6 percent from May to June, data aggregator RealtyTrac said today, and the 889,829 filings for the second quarter represented a 20 percent increase over the same quarter a year ago.
Unemployment-related foreclosures accounted for much of the increased activity, and the high number of borrowers who find themselves underwater -- owing more on their mortgages than their homes are worth -- represent a potentially significant future risk, said RealtyTrac Chief Executive Officer James Saccacio in a press release.
Looking back at the first six months of 2009, the states with the highest rate of foreclosure-related filings were Nevada (one filing for every 16 homes), Arizona (one in 30), Florida (one in 33), California (one in 34), Utah (one in 69), Georgia (one in 70), Michigan (one in 74), Illinois (one in 76), Idaho (one in 79) and Colorado (one in 80).
RealtyTrac monitors public records to track when homes are subjected to a notice of default, auction notice or bank repossession. Not all homes subjected to foreclosure-related filings will be taken back by lenders. Some homeowners who default on their loans or whose properties are scheduled for auction are able to refinance their loans or negotiate a loan modification or short sale.
ForeclosureRadar, a company that tracks foreclosures and auctions in California, said foreclosure sales in the state jumped 24.7 percent from May to June, the third consecutive monthly increase.
A total of 22,291 foreclosures were taken to sale at auction, representing loan value of $9.57 billion, ForeclosureRadar said. Opening bids set by lenders were an average of 39.3 percent lower than the loan balance, with 46 percent of sales discounted by 50 percent or more.
Notice of trustee sales dropped 28.7 percent, with the timing of the decrease suggesting a response to the California Foreclosure Prevention Act, the company said. ...CONTINUED
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Submitted by Jon Astaris on July 16, 2009 - 1:49pm.
The loan mod chatter sounds hollower and hollower. At the current rate it would take a hundred years to tackle the 20 million or so coming foreclosures - but these so called loan modifications are a monstrous absurd joke if - as the same FHFA agency reports - 67 percent of mods default again within six months. The rest of them likely will go bad as well given more time.
First, most loan modifications are insignificant; many hoist the payment rather than sink it. Then, as any second grader can figure out, the values keep dropping, which makes any arrangement made six months ago uneconomical from the borrower's perspective.
The iceberg is still in the mist ahead of the Titanic...
meanwhile Goldman's 30000 employees will be making on average almost $800,000.00 this year doing exactly the same thing they were doing before Chicken Little Hank Paulson quacked that the sky is falling.
So now the senate has called Hank on the carpet...asked if he or family or friends benefited in any way from the Goldman bailout last Oct he serenely said NO...
These guys have no fear anymore, and who's to stop them? They push for laws that favor them through lobbyinsts, they implement the laws as well, because they go from Goldman to the government and back, same bunch, same methods, through the same revolving doors, only these days their ultra sophisticated technology comes courtesy of software geniuses and their smoke and mirror act courtesy of Hollywood, so we the moron masses sit there jaw dropped on the flor marveling at their acumen and chutzpah.
Still there is nothing more disgusting than Goldman announcing 3 billion profit when they count as income 13 billion they got from the Government on behalf of AIG - full value, folks, for what is worthless junk... MBS's, CDS's, mostly backed by real estate with value a a fraction the face value of the MBS.
The house of cards that was supposedly falling was propped back up by our guvment - all of us - and it's doing amazingly fine thank you, the robber barrons doing their thing, only this time doing it right in our faces, full frontal view...our electeds interrogate the juice out of them after the fact, always after the fact...they'll be grilling Larry and Ben and Tim and the czars, three-four years from now, when their buddies will be doing well thanks for asking.
Meanwhile the Banana Republic of America will look like most her sisters to the south - a few trillionaires, and hundreds of millions of POBRES doing subsistence farming on the praerie.