According to RealtyTrac, foreclosure filings in the U.S. were up “nearly 57 percent” on a year-over-year basis in March. At the same time, bank repossessions were up “nearly 129 percent, but auction notices were up only 32 percent, indicating that more defaulting homeowners are simply walking away and deeding their properties back to the foreclosing lender.”
Foreclosure activity in California more than doubled over the past year (up 21% from February alone). And we led the nation in total number of filings (64,711 affected properties) for the 15th consecutive month. At one in every 204 households, the foreclosure filing rate in California is currently second only to Nevada (one in every 139).
∙ Foreclosure Activity Increases 5 Percent In March [RealtyTrac]
∙ JustQuotes: Fannie Raises A Red Flag With Regard To Foreclosures? [SocketSite]
These figures are *without* a recession.
As the walking dead corporations who have been surviving on cheap debt start to go under because they’ve had no real business model for years, and jobs are lost, it’s only going to get worse.
And those effects will be hardest felt in the high cost areas because without new money, those firms in higher cost areas will bleed cash the fastest. Some of those companies will have to pick up and move to lower cost areas to survive. In any event, the job loss here will be getting started in earnest in about 6 months.
The government can try to freeze foreclosures or rate resets, or drop the mortgage balance all you want, but without jobs, it won’t really matter.
These numbers are going to be the good old days.
“California is currently second only to Nevada”
They wanted it more.
Foreclosures only go up?
Wow. The most populous state leads the country in total filings. Who would have thought…
just for reference…
http://en.wikipedia.org/wiki/List_of_U.S._states_by_population
http://en.wikipedia.org/wiki/List_of_U.S._states_by_population_density
@ “dave”
just curious, what’s your thought on nevada being number two?
“Wow. The most populous state leads the country in total filings. Who would have thought…”
Dave: California is also 2nd most in PERCENTAGE terms as well, I believe. (or maybe 3rd behind Florida, but I believe it’s second)