Monday, September 10, 2007

California REOs up 471 percent in August

From the Central Valley Business Times:

The nation’s foreclosure abyss has widened with 11 states seeing triple-digit increases in August compared to a year earlier, says Foreclosures.com, a Fair Oaks-based foreclosure information service.

Through August, 355,624 homes have been taken back by their lenders following foreclosure, according to analysis of REO filings by the company. An REO (real-estate owned) filing is the final step in the foreclosure process and occurs when the bank or lender files notice that it has reclaimed a property for nonpayment of debt.

Eleven states have recorded triple-digit increases in REO filings so far this year compared to the same period last year, according to Foreclosures.com’s report Monday.

Among REO filings in August, states with triple-digit gains year over year are: California (with filings up 471 percent), Arizona (up 217 percent), Nevada (up 192 percent), New Mexico (up 157 percent), Florida (up 141 percent), Hawaii (up 138 percent), New Hampshire (up 119 percent), and Minnesota (up 112 percent).

2 comments:

Trent said...

I work for CurrentForeclosures.com, a foreclosures site and have seen a huge increase in the number of foreclosures in the past 9 months. I believe it is a combination of not only sub-prime and ARM mortgages, but also the high number of people who have gotten loans with interest rates at an all time low... in addition to the rapid depreciation in some areas and the difficulty some are experiencing in selling their homes.

Realestateslasher said...

OK lets retool the equipment
and get the second part of this
Real Estate Economic Depression
on the Road... to get Good deals for our
New Generation of Buyers