According to RealtyTrac, foreclosure filings – default notices (NODs), auction sale notices (NOTs) and bank repossessions – were reported on 1,654,634 U.S. properties in the first six months of 2010, a 5 percent decrease from the previous six months but an 8 percent increase from the first six months of 2009.
Foreclosure filings were reported on 313,841 U.S. properties in June, a decrease of nearly 3 percent from the previous month and a decrease of nearly 7 percent from June 2009. June was the sixteenth straight month where the total number of properties with foreclosure filings exceeded 300,000.
Foreclosure filings were reported on 895,521 U.S. properties during the second quarter, a decrease of nearly 4 percent from the previous quarter and an increase of less than 1 percent from the second quarter of 2009. Default and auction notices were down on a quarter-over-quarter and year-over-year basis in the second quarter, but bank repossessions (REOs) increased 5 percent from the previous quarter and 38 percent from Q2 2009 to 269,962 — a new quarterly high for the report.
One in 78 housing units in the U.S. received a foreclosure filing in the first half of the year.
California led the nation with 340,740 properties receiving a foreclosure filing in the first half of 2010, but filings were down roughly 13 percent year-over-year and down 15 percent versus the previous six months.
∙ 1.65 Million Properties Receive Foreclosure Filings in First Half of 2010 [realtytrac.com]
for an interesting take on why REO’s are going down read BubbleInfo’s “Short Sale Tsunami?” post (yesterday 11:51pm) and the post immediately below that one “Option-ARM Tsunami Update”.
basically it’s loan mods and short sales saving the day (or delaying the inevitable).
talking to RE investors they say REO’s have dried up for them in the last 3 to 6 months – too much retail competition now, and fewer overall homes
This is not a good thing. Foreclosure filings growing up is bad for economy and owners