Reprinted from CNN/Money:
The number of foreclosures soared in 2007, with 405,000 households losing their home, according to a report released Tuesday. That's up 51 percent from the 268,532 homes that were repossessed in 2006.
Total foreclosure filings soared 97% in December alone compared with December of 2006, according to RealtyTrac, an online seller of foreclosure properties. For the year, total filings - which include default notices, auction sale notices and bank repossessions - grew 75%.
More than 1 percent of all U.S. households were in some stage of foreclosure during 2007, up from 0.58 percent the year before.
"There are parts of the country where we're seeing many more bank repossessions," said Rick Sharga, a spokesman for RealtyTrac. "People are flat out losing their homes."
In California alone, nearly 66,000 people lost their homes last year. In Michigan, 47,000 families went through foreclosure. Also hard hit was Nevada, where 10,0000 people had their homes repossessed, a per-capita rate more than twice as high as California.
California had a total of 250,000 foreclosure filings, the highest number of of any state. Florida was second with more than 165,000 total filings.
Other hard-hit states include Michigan, which has been battered by job losses in the auto industry and had over 87,000 filings, Ohio, with more than 89,000 filings, and Colorado, with 39,000.
Nevada had 3.376 filings for every 100 households - a foreclosure rate of more than three times the national average, and the highest of any state.
According to Gail Burks, the CEO of the Nevada Fair Housing Center, a community advocacy group that aids home owners facing foreclosure, some communities in Las Vegas, Nevada's biggest city, have as many as 40 percent of homes in foreclosure.
"It's having a huge impact," she said. "Some zip codes here are recording 22 foreclosures a month."
The rise nationally has confounded some community advocates. "Last December, we thought the national numbers were bad, and now they're up almost 100 percent," said John Taylor, CEO of the National Community Reinvestment Coalition. "It just shows we need a comprehensive approach to solve the problem."
Some states have avoided problems. Maine had just 286 properties with foreclosure filings on their records, Vermont had 29 and South Dakota just 24.
- Thank you CNN / Money, Jim
Jan 30, 2008
Foreclosure Rates Up 75% in 2007
Jan 29, 2008
2008 Newsletters are On Their Way!
- Who Neighborly Realty served in 2007
- Update on the Mortgage Industry
- REOs and Short Sales - Defined and Discussed
- Should I Sell?
- Should I Buy?
- Our Network of Professionals in Complementary Businesses
- Round Three of Apartment Investments
- About Neighborly Realty
Jan 24, 2008
Thank You for a Wonderful 2007!
Neighborly Realty would like to say THANK YOU to all of our clients and business partners for a wonderful 2007!
We had the privledge of helping many new clients - including first time Buyers, first time investors, seasoned investors, and Sellers from all over the spectrum. What a true joy.
We helped folks from Colfax to Fairfield, from Lincoln to Folsom, from Sacramento to Wilton, and everywhere in between! My Toyota Prius was a very smart purchase indeed !
Although we did business in 4 California counties (Placer, Sacramento, El Dorado, and Yolo), the majority of you were in Rocklin, Roseville, Lincoln, Auburn, and Rancho Cordova. Several of you “Sun City’ers” even let us help you – what great fun!
The average household in the US receives 49 pieces of mail from Realtors and lenders a month! That’s not us. If we send you something, post data to our blog, or email you with an update, it’s useful data. You won’t get cookie recipes from us, football calendars, or frisbees with our pictures on them.
As many of you know, we run a slightly different business model. We are here to serve – to be your lifetime Real Estate Services Provider – not just to sell, sell, sell.
If we can help you again – please call. We won’t be filling your voice mail or email with extra fluff. We will be here to help you when you need outstanding professional service and represesntation.
If you have a friend or relative who may need real estate assistance, call us and pass along their contact information. We will treat them like we’ve treated you. REMEMBER – You can use us to negotiate on new construction too! It's actually quite fun.
Thank you again for a wonderful 2007.
We wish you all a happy, healthy, and prosperous 2008!
- Jim
