Industry News

Foreclosures.com reports rising tide in first-quarter foreclosures

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

About two in every 1,000 homeowners faced foreclosure in the first three months of this year, according to a report released Monday by Foreclosures.com, a company that offers foreclosure information and resources. A total of 253,803 preforeclosures and notices of pending foreclosure auctions were filed in the first quarter, a 22.5 percent increase compared with 207,128 filings in fourth-quarter 2006, the company reported. Statistics don't include "tens of thousands" of properties that were actually lost to foreclosure in the first quarter, according to the report. The quarterly data is based on Foreclosures.com coverage of 1,349 U.S. counties -- there are 3,141 total counties and county equivalents in the country. A slowing real estate market and the collapse of the subprime lending market have contributed to growth in foreclosure filings, and several other data providers have also noted this trend. RealtyTrac, another foreclosure information provider, reported that monthly...