RealtyTrac, which assembles foreclosure data on a state and national basis, notes that one in every 483 U.S. households received a foreclosure filing during the month of May. This is the highest monthly foreclosure rate since they began tracking foreclosures in January 2005.
Here’s the breakdown:
• Lenders took possession of 73,794 houses in May — 158% greater than the 28,548 REOs in May 2007
• 1.2 million foreclosed single-family homes will enter the market
• Foreclosures will account for 30% of national home sales in 2008
• Bank repossessions (REOs) accounted for 28% of total foreclosure activity
• Default notices increased 35% year over year
• The 3 highest foreclosure rates by state are Nevada (1 in every 118 households), and California (1 in every 183) Arizona’s (1 out of 201) in May 2008
• Auction notices were up 13% year over year (but decreased 3% from the previous month)
• Foreclosed properties typically sell for ~20% less than comparable homes
• Foreclosed properties depress local home prices by 6%
Wow, those are pretty robust numbers. Based on the foreclosure data alone, it appears that Housing is accelrating to the downside — we are nowhere near a sustainable bottom yet . . .
Foreclosure Downpour Continues in May
RealtyTrac, Friday, June 13, 2008 2:00 AM
Foreclosures Rise 48% in May as U.S. Bank Repossessions Double
Bloomberg, June 13 2008