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Jul 19 2010

Foreclosures Likely to Surpass 2009 Levels

Published by James Dwiggins under General.

Repossessions climbed 38 percent in the first six months of 2010 compared 2009 and were up 5 percent from the first quarter, foreclosure listing service RealtyTrac announced Thursday.

In all, lenders repossessed nearly 528,000 homes in the first six months of the year. If that rate continues through the end of the year, repossessions will likely top 1 million in 2010, up 100,000 from 2009.

Historically, about 100,000 homes per year in total are repossessed, according to Rick Sharga, senior vice president for RealtyTrac.

More than 7.3 million home loans are in the foreclosure process, with one in 78 U.S. homes receiving a foreclosure warning in June.

On average, it takes home owners 15 months to actually lose their property after they receive the initial warning, reports Lender Processing Services Inc.

Source: Associated Press, Alex Veiga (07/15/2010)

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7 Responses to “Foreclosures Likely to Surpass 2009 Levels”

  1. Eva Bradley on 19 Jul 2010 at 8:30 am

    Good to know! Thank you James for sharing this information! I hope you don’t mind if I share it with my clients, friends and fellow agents (who do not regularly read the posts here…which is a shame)

  2. Deb Whitney on 20 Jul 2010 at 11:17 am

    Thanks James – very informative.

    Deb Whitney

  3. Scott LeForce on 20 Jul 2010 at 2:54 pm

    ‎40-year low mortgage rates won’t help real estate or curb defaults if people still can’t get a job. Slash taxes and goverment spending and we’ll be walking in tall cotton before you know it.

  4. Dave Thurman on 21 Jul 2010 at 7:51 pm

    The real estate market is not going to recover unless the government allows the market to be free and a lender can enforce the terms of a note secured by a deed of trust. It really is that simple!

    Less government, less regulation and less taxes will improve the economy!

  5. Steve Holderfield on 22 Jul 2010 at 5:07 pm

    I’ve been reading these same basic stats. Even though I had sort of given up on this, I think it may be time to re-try getting associated with REO sources for listings. What do you think?

  6. Elaine K on 22 Jul 2010 at 8:22 pm

    Don’tforget those Strategic Defaulters, which has nothing to do with jobs or ability to pay! Why hold on to an investment that is losing/lost money? 1 in 7 million dollar home owners are NOT paying their mortgage; check out this link…
    http://www.nytimes.com/2010/07/09/business/economy/09rich.html?_r=3&hp

    This will be another wave. Where are the ethics?

  7. James Dwiggins on 22 Jul 2010 at 8:30 pm

    Unfortunately I think this is the truth and I would be working on getting in with the asset managers any way possible. It’s going to get bumpy, so strap in!