RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, last week released its January 2009 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 274,399 U.S. properties during the month, a 10 percent decrease from the previous month but still up 18 percent from January 2008. The report also shows one in every 466 U.S. housing units received a foreclosure filing in January. The good news, if it can be called that, is that Michigan has slipped out of the top 5 foreclosure states and now ranks only # 7 in the U.S. Yea!
“The extensive foreclosure efforts on the part of lenders and government agencies appear to have impacted the January numbers — particularly the Fannie Mae and Freddie Mac moratorium on all foreclosure sales that was extended through the end of January along with Florida’s voluntary 45-day freeze on all new foreclosure actions and scheduling of foreclosure sales that was announced at the beginning of December,” said James J. Saccacio, chief executive officer of RealtyTrac. “January REOs, which represent completed foreclosure sales to the foreclosing lender, were down 15 percent nationwide from the previous month. And in Florida overall foreclosure activity was down 20 percent from the previous month.”
Nevada, California, Arizona posted the top state foreclosure rates
Nevada foreclosure activity in January decreased 4 percent from the previous month, but the state continued to register the nation’s No. 1 foreclosure rate, with one in every 76 housing units receiving a foreclosure filing during the month. Foreclosure filings were reported on 14,444 Nevada properties in January, up 137 percent from January 2008.
California posted the nation’s second highest state foreclosure rate in January, with one in every 173 housing units receiving a foreclosure filing during the month, and Arizona posted the nation’s third highest state foreclosure rate, with one in every 182 housing units receiving a foreclosure filing during the month.
Despite a 20 percent month-over-month drop in foreclosure activity, Florida posted the nation’s fourth highest state foreclosure rate, with one in every 214 housing units receiving a foreclosure filing during the month.
Other states with foreclosure rates ranking among the nation’s 10 highest were Oregon, Illinois, Michigan, Georgia, Idaho and Ohio. You know times are tough when it feels good to be among the “also ran” category. Now the challenge is to get the overhang of foreclosed properties off the market, so that regular houses have a chance to sell again. Some of the upcoming HUD programs to spend Federal money to help make that happen should help.
Who knows, maybe we can fight our way out of the top ten. Wouldn't that be great? For the full report on the January foreclosure rates in all of the states, click here.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment