Foreclosures are the fastest growing sector of the real estate market. And, RealtyTrac is the #1 source for foreclosure data in the country. Consumers are interested in foreclosure information – an extremely hot topic that everyone is talking about – but you can rest assured that the content we provide is the most trusted, real-time dynamic data available. Enjoy seamless integration with the content we provide, enticing them to stay longer – and come back more often.
“RealtyTrac released its U.S. Foreclosure Market Report™ for Q1 2009, which shows that foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 803,489 properties in the first quarter, a 9 percent increase from the previous quarter and an increase of nearly 24 percent from Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.”
Foreclosure filings were reported on 341,180 properties in March, a 17 percent increase from
the previous month and a 46 percent increase from March 2008. The March and Q1 2009
totals were the highest monthly and quarterly totals since RealtyTrac began issuing its report
in January 2005 despite a decrease in bank repossessions (REOs), which were down 13
percent from the fourth quarter of 2008 and 3 percent from February totals.
“In the month of March we saw a record level of foreclosure activity — the number of
households that received a foreclosure filing was more than 12 percent higher than the next
highest month on record. Since much of this activity was in new foreclosure actions, it
suggests that many lenders and servicers were holding off on executing foreclosures due to
industry moratoria and legislative delays,” said James J. Saccacio, chief executive officer of
RealtyTrac. “It’s also likely that the drop in REO activity can be attributed to these processing
delays, rather than to any of the foreclosure prevention programs currently in place. It’s very
likely that we’ll see the number of REOs increase again now that most of the moratoria have
been lifted.”
“On a positive note, it appears that demand is up in some of the harder-hit areas, particularly
on bank-owned REO properties that first time homebuyers and investors see as bargains,”
Saccacio continued. “But it’s unlikely that this increased demand will be enough to offset the
growing number of foreclosures in the pipeline, accelerated by rising unemployment rates.”
With the foreclosure market gaining speed and the recent announcement that Fannie revised investment property guidelines by loosening its loan restrictions for real estate investors and second homebuyers last week.
Article of the Month:
RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for Q1 2009, which shows that foreclosure filings — default notices, auction sale notices and bank
repossessions — were reported on 803,489 properties in the first quarter, a 9 percent increase from the previous quarter and an increase of nearly 24 percent from Q1 2008. One in every
159 U.S. housing units received a foreclosure filing during the quarter.
Foreclosure filings were reported on 341,180 properties in March, a 17 percent increase from the previous month and a 46 percent increase from March 2008. The March and Q1 2009
totals were the highest monthly and quarterly totals since RealtyTrac began issuing its report in January 2005 despite a decrease in bank repossessions (REOs), which were down 13 percent from the fourth quarter of 2008 and 3 percent from February totals.
“In the month of March we saw a record level of foreclosure activity — the number of households that received a foreclosure filing was more than 12 percent higher than the next highest month on record. Since much of this activity was in new foreclosure actions, it suggests that many lenders and servicers were holding off on executing foreclosures due to industry moratoria and legislative delays,” said James J. Saccacio, chief executive officer of
RealtyTrac. “It’s also likely that the drop in REO activity can be attributed to these processing delays, rather than to any of the foreclosure prevention programs currently in place. It’s very
likely that we’ll see the number of REOs increase again now that most of the moratoria have been lifted.”
“On a positive note, it appears that demand is up in some of the harder-hit areas, particularly on bank-owned REO properties that first time homebuyers and investors see as bargains,”
Saccacio continued. “But it’s unlikely that this increased demand will be enough to offset the growing number of foreclosures in the pipeline, accelerated by rising unemployment rates.”
RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac’s foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.
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Tip of the Month: It’s a big season for foreclosures. And we’ve collected some stats and information that you’ll find very helpful. Read more about this in our press release or on our blog. National numbers
State highlights Nevada, Arizona, California post top state foreclosure rates in first quarter:
Five states account for nearly 60 percent of nation’s first quarter total:
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