Foreclosures Increase Over 80% in 2008
Foreclosure filings on more than 2.3 million properties reported
NEW YORK, Feb. 5, 2009 /PRNewswire/ -- ForeclosureListings.com, one of the largest foreclosure listings providers, reports a total of 3,108,364 foreclosure filings in 2008 -- auction sale notices, bank repossessions, and default notices -- 1,275,791 U.S. Properties over the course of the year; an 82% increase in all properties from 2007, and a 240% increase in the total number of properties from 2006.
The alarming report also shows that over 1.8% of all U.S. Homes (that is one in 54), received at least one foreclosure filing during the year (an increase from 1% in 2007), which may not sound like a lot to some people, but consider that there was a lot of construction occurring at the same time.
Up to 17% from the previous month and up over 40% from December 2007, foreclosure filings were reported on over 315,000 properties in December alone. Foreclosure activity for the fourth quarter was up nearly 40% from the fourth quarter of 2007.
The foreclosure prevention legislation implemented to date, such as the laws enacted in California, Massachusetts, and Maryland, have not had any real success in slowing down the surge of foreclosures. These government speed bumps appear to have only delayed the inevitable foreclosure proceedings for thousands of homeowners in the United States.
In 2008 California, Florida, and Arizona had the highest foreclosure totals
With over 360,000 properties filing a foreclosure in 2008, Florida was the second highest state total. Florida's foreclosure activity increased over 130% from 2007 and well over 400% from 2006.
With over 103,000 properties filing a foreclosure in 2008, Arizona was the third highest among the states. Foreclosure activity in Arizona increased more than 200% from 2007 and well over 600% from 2006.
Top 10 metro city foreclosure rates listed
Stockton, California recorded the highest foreclosure rate among the nation's 100 largest metropolitan areas, in 2008, with over 9% of its housing units (approximately one in 11) receiving a foreclosure filing. Other California cities in the top 10 metro areas with the highest foreclosure rates were Riverside-San Bernardino at number 3 registering over 8% of homes (one in 12 housing units); Bakersfield at number 4 at 6% (one in 16 housing units); and Sacramento at number 9 at 5% (one in 19 homes).
Las Vegas, Nevada recorded the second highest metro foreclosure rate last year with over 8% of its housing (one in 11) filing a foreclosure in 2008.
Over 6% (one in 17) of Phoenix, Arizona homes received a foreclosure filing during the year, rating the city the fifth highest metro foreclosure rate in 2008.
A buyer's market
In the Denver area, a record 28,000 homes are currently on the market. The 30 year fixed interest rates have risen to 6.59%, which is still a low interest rate. It's a buyer's market even with slightly higher interest rates; it's a great time to buy.
© 2009 EMOL.org Real Estate Entertainment Magazine.