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RealtyTrac: Q2 Foreclosure Activity Highest On Record
Look elsewhere for green shoots... and CNBC's favorite commodity - hope.
1.9 Million foreclosure filings in the first half, 889,829 in the
second quarter, with 336,173 in June alone, bringing the second quarter
total to the highest number since RealtyTrac has been following these
data. And this all is happening while various foreclosure moratoria and
other national and state mitigation efforts are still in play.
One can just imagine the bottom really falling out of the market once
California and others stop pretending they can control this
accelerating train wreck.
From RealtyTrac's press release:
IRVINE,
Calif. – July 16, 2009 – RealtyTrac® (www.realtytrac.com), the leading
online marketplace for foreclosure properties, today released its
Midyear 2009 U.S. Foreclosure Market Report, which shows a total of
1,905,723 foreclosure filings — default notices, auction sale notices
and bank repossessions — were reported on 1,528,364 U.S. properties in
the first six months of 2009, a 9 percent increase in total properties
from the previous six months and a nearly 15 percent increase in total
properties from the first six months of 2008. The report also shows that 1.19 percent of all U.S. housing units (one in 84) received at least one foreclosure filing in the first half of the year.Foreclosure filings were reported on 336,173 U.S. properties in June, the
fourth straight monthly total exceeding 300,000 and helping to boost
the second quarter total to the highest quarterly total since
RealtyTrac began issuing its report in the first quarter of 2005. Foreclosure
filings were reported on 889,829 U.S. properties in the second quarter,
an increase of nearly 11 percent from the previous quarter and a 20
percent increase from the second quarter of 2008.“In
spite of the industry-wide moratorium earlier this year, along with
local, state and national legislative action and increased levels of
loan modification activity, foreclosure activity continues to increase
to record levels,” noted James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment-related
foreclosures account for much of this increased activity, and the high
number of borrowers who find themselves owing more on their mortgages
than their homes’ are now worth represent a potentially significant
future risk. Stemming the tide of foreclosures is a critical component
to stabilizing the housing market, so it is imperative that the lending
industry and the government work in tandem to find new approaches to
address this issue.”
And some regional specific commentary:
Nevada, Arizona, Florida post top state foreclosure rates
More
than 6 percent of Nevada housing units (one in 16) received at least
one foreclosure filing in the first half of 2009, giving it the
nation’s highest foreclosure rate during the six-month period. A total
of 68,708 Nevada properties received a foreclosure filing from January
to June, an increase of 23 percent from the previous six months and an
increase of 61 percent from the first half of 2008.Arizona
registered the nation’s second highest state foreclosure rate in the
first half of 2009, with 3.37 percent of its housing units (one in 30)
receiving at least one foreclosure filing, and Florida registered the
nation’s third highest state foreclosure rate, with 3.08 percent of its
housing units (one in 33) receiving at least one foreclosure filing.Other
states with foreclosure rates ranking among the nation’s 10 highest
were California (2.94 percent), Utah (1.46 percent), Georgia (1.42
percent), Michigan (1.34 percent), Illinois (1.31 percent), Idaho (1.26
percent) and Colorado (1.25 percent).California, Florida, Arizona post highest foreclosure totals
A
total of 391,611 California properties received a foreclosure filing in
the first half of 2009, the nation’s highest total and 2.94 percent of
the state’s housing units (one in 34) — the nation’s fourth highest
state foreclosure rate. California foreclosure activity in the first
half of 2009 increased nearly 14 percent from the previous six months
and increased nearly 15 percent from the first half of 2008.With 268,064 properties receiving a foreclosure filing in the first six months of 2009, Florida documented the second
highest state total. Florida foreclosure activity in the first half of
2009 increased 7 percent from the previous six months and was up nearly
42 percent from the first half of 2008.Arizona’s 89,799
properties receiving a foreclosure filing in the first six months of
2009 was the third highest state total. Arizona foreclosure activity in
the first half of 2009 increased 13 percent from the previous six
months and was up nearly 55 percent from the first half of 2008.Other
states with totals among the 10 highest in the country were Illinois
(68,932), Nevada (68,708), Michigan (60,786), Ohio (58,937), Georgia
(56,391), Texas (49,144) and Virginia (28,368).
And here is
the June collapse in fully, gory detail. Again - just wait until
foreclosure moratoria drop. California's IOU economy will likely be the
first to do so.
Source: RealtyTrac
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The County assessors think that inflating home values and therefore taxes, will help hedge losses. Pffft, It's going to be a massacre in CA.
Agrarian society indeed... Legalized marijuana here we come.
Where is CNBC's coverage of this?
No, it's not California who is in charge of real estate in California: it's the Federal Government.
You think foreclosures look bad? You should check out the shadow inventory, and the shenanigans surrounding that. Most high end properties and commercial real estate is not being PERMITTED to go into foreclosure.
If you knew how dead the California economy is, you would have a stroke.
Don't know if this is in the shadow or not, but a lot of houses where mortage holders are still living, not paying, but the bank won't forecliose due to the eventual impact on their financials.
Pete
70% of forclosed homes in CA are not on MLS.
Pollyanna
I just couldn't help but laugh when the new appraisal came in from the county, saying the value has gone up a few thousand.
It's raining, but strangely, it smells like piss.
BTW, what is it with the captcha questions now. What, only quants are allowed to post now?
Winston Wolf
Funny thing is when the answer isn't allowed by the interface, which seems to only accept one digit responses. ie, 5 * 5 = ____. If you enter "25," the website informs you only to respond with one digit.
No value added with this comment, but you made me bust out laughing...
What do the asterisks in the table represent?
RealtyTrac = RealityCheck
Here's the fully annotated link: http://www.realtytrac.com/ContentManagement/PressRelease.aspx?channelid=...
Boy, it's shocking that MGIC says they will be writing NO new busines...