US Home Foreclosures Up Eighth Consecutive Quarter - RealtyTrac
Author: Rob K. Blake
Published: July 25, 2008
U.S. home foreclosures are up 14 percent in the second quarter, the eighth consecutive quarter showing continued weakness in the housing market according to RealtyTrac on Friday. This averages to one foreclosure filing for every 171 U.S. households.
RealtyTrac reported on 739,714 U.S. home foreclosures filed, up 121 percent from a year earlier.
The figure includes all NODs (Notice of Defaults), bank repossessions, and auction sale notices from April and June.
James J. Saccacio, chief executive officer of RealtyTrac, said:
“Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity,”
The report goes on to praise my state, Colorado, for setting up a foreclosure hotline to help foreclosure victims and enacting new laws giving home owners more time at the beginning to push lenders and borrowers to work together for a solution.
The report goes on to give Colorado’s action credit for slowing down the state’s foreclosure rate even though foreclosures were up on a year over year basis.
I’m not so sure I believe that conclusion.
The reason Colorado came out the foreclosure slump earlier than most states is we went into the bubble earlier than most states. And until recently, Colorado was still adding new residents so demand was still strong.
Either way, US home foreclosures are just more evidence the real estate market will continue to fall, but as all markets eventually do, it will correct.
Good Luck!
Author: Rob K. Blake
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