Foreclosure Statistics for February 2009
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The latest foreclosure statistics are out and news isn’t very good. Foreclosure filings in February jumped nearly 6% from January, despite foreclosure moratoriums and prevention programs around the country, according to RealtyTrac’s 2009 U.S. Foreclosure Market Report.
Foreclosure filings were reported on 290,631 properties in February, up almost 30% from February 2008. The report, which was issued just a few hours ago, also reveals one in every 440 U.S. homes received a foreclosure filing in February.
The increase in foreclosure activity from January to February is more than somewhat surprising, especially given that many of the foreclosure prevention efforts and moratoria in place in January were extended through most of February.
A 45-day voluntary foreclosure moratorium in Florida expired at the end of January, and foreclosure activity there was up 14 percent from the previous month. And, many New York foreclosure proceedings delayed by a new law for an extra 90 days appear to have hit the system in February, when the state’s foreclosure activity increased 23 percent from the previous month.
Nevada, Arizona, California post top state foreclosure rates
With one in every 70 housing units receiving a foreclosure filing in February, Nevada continued to document the nation’s top state foreclosure rate. Foreclosure filings were reported on 15,783 Nevada properties during the month, a 9 percent increase from the previous month and a 156 percent increase from February 2008.
Arizona posted the nation’s second highest state foreclosure rate in February, with one in every 147 housing units receiving a foreclosure filing during the month, while California posted the nation’s third highest state foreclosure rate, with one in every 165 housing units receiving a foreclosure filing.
Other states with foreclosure rates ranking among the nation’s 10 highest were Florida, Idaho, Michigan, Illinois, Georgia, Oregon and Ohio.
California, Florida, Arizona post highest foreclosure totals
Foreclosure filings were reported on 80,775 California properties in February, the most of any state and a 5 percent increase from the previous month. The state’s foreclosure activity increased 51 percent from February 2008, with auction sale notices increasing nearly 179 percent — the most of any category on a year-over-year basis.
Florida foreclosure activity increased nearly 14 percent from the previous month and 43 percent from February 2008 — thanks in large part to a nearly 158 percent year-over-year increase in auction sale notices and a 128 percent year-over-year increase in bank repossessions. With 46,391 properties receiving a foreclosure filing, the state posted the nation’s second highest state total in February.
Arizona posted the third highest state total in February, with 18,119 properties receiving a foreclosure filing during the month — a 23 percent increase from the previous month and an 88 percent increase from February 2008.
Nevada, Illinois, Michigan, Ohio, Texas, Georgia and Virginia also reported foreclosure totals that were among the nation’s 10 highest.
Sunbelt cities post top metro foreclosure rates
One in every 60 Las Vegas housing units received a foreclosure filing in February, giving the city the nation’s highest foreclosure rate among metro areas with a population of at least 200,000. The city’s foreclosure rate was more than seven times higher than the national average. Another Nevada metro area posted a foreclosure rate in the top 10: Reno-Sparks ranked No. 8, with one in every 108 housing units receiving a foreclosure filing.
The Cape Coral-Fort Myers, Fla., metro area documented the second highest foreclosure rate in February, with one in every 65 housing units receiving a foreclosure filing during the month.
Six California cities registered foreclosure rates among the top 10: Stockton at No. 3 (one in 67 housing units), Modesto at No. 4 (one in 68), Merced at No. 5 (one in 74), Riverside-San Bernardino at No. 6 (one in 80), Bakersfield at No. 7 (one in 85), and Vallejo-Fairfield at No. 10 (one in 111).
With one in every 110 housing units receiving a foreclosure filing, the Phoenix metro area posted the ninth highest foreclosure rate in February.
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Ralph R. Roberts, GRI, CRS |
President Obama said, “things are not as bad as they seem”. How can they not be as bad as they seem? I recently reported on this same story of increasing foreclosures across the country. To all of these people being foreclosed on what “seems to be” is reality.
For those people unemployed - also a growing number - the reality is what it seems to be. Ask the 31.8 million people on food stamps - many of who9m never in their lives thought they would need assistance just to feed themselves - their reality is exactly “what it seems”.
What it seems to me is that the economy is still on a decline. It seems that the only ones seeing any improvement are those that are receiving the billions of dollars in bailout funds. Those “high” flyers in their corporate jets flying around the world purchaseing foreign companies like Citigroup and Bank of America.
I believe that no recovery can occur until we stabalize the housing crisis, begin to keep people in their homes and get this country working again.
You don’t hear reports such as this one and a very similar one I made a few days ago in the main street media. The reason, I believe, is that the truth does not help restore “confidene” which is what the government believes will help begin a recovery.
Hype and false beliefs are what got us into this mess to begin with and more hype and false beliefs will not get us out of this.
Let’s face the truth, take the actions required based on the truth, prepare ourselves accordingly as their is no “quick” fix to this historical crisis.
TO ALL CONCERNED HOMEOWNERS : THE SENATE IS TAKING ITS EASTER BREAK APRIL 6TH FOR 2 WEEKS. WHEN THE SENATE RETURNS BILL “HR 1106″ IS GOING TO BE 1 OF THE 1ST BILLS ON THE AGENDA. ” HELPING FAMILIES SAVE THEIR HOMES” . THIS BILL HAS THE POTENTIAL TO END THIS MORTGAGE CRISIS .. BY BEING PASSED. IT WOLD GIVE JUDGES THE ABILITY TO MODIFY MORTGAGES IN CHAPTER 13 BANKRUPCY..WHEN ALL ELSE FAILS AND LENDERS DON’T OFFER A REASONABLE OR PRACTICAL LOAN MOTIFICATION. ANYONE THAT HAS GONE THROUGH THIS PROCESS ALREADY KNOWS WHAT A PAINSTAKING, AND FOR THE MOST PART…DOESN’T OFFER MUCH OF A LONGTERM SAVINGS(IF YOU CAN EVEN GET A MODIFICATION IN TIME), OR REAL SOLID HOPE WITH THE EXCEPTION OF BUYING MORE TIME SOME SAVINGS ON THE PAYMENT. THESE BILLS HR 1106 AND S. 61 ARE NOT ” MONETARY BAILOUTS”. BASICALLY IT MAKES THE LENDER OFFER YOU A “GOOD AFFORDABLE MODIFCATION”… OR ELSE THE LENDER WOULD FACE THE RATH OF A JUDGE WHO COULD MAKE THE MODIFICATION INSTEAD THAT A LENDER WOULD FEAR WITH THE PASSION. EXAMPLES: AS LOW AS 2% FOR 30 YEARS OR CRAMDOWN THE MORTGAGE TO THE CURRENT VALUES. THIS WOULD IN EITHER CASE LEAD AWAY FROM FORECLOSURES, AND HOMELESS AMERICAN FAMILIES,FALLING INTO WELLFARE. THE BANKS COULD STILL MAKE A FAIR REASONABLE PROFIT.. AND MOST OF ALL ” HELP FAMILIES SAVE THEIR HOMES.” CONGRESS ALREADY VOTED AND PASSED… THE BILL IN MARCH…..PRESIDENT OBAMA HAS BACKED AND SAID HE WILL SIGN THIS BILL….. THE ONLY LAST STEP IS THE SENATE TO PASS THIS BILL. THE SENATE NEEDS 60 VOTES…THEY ARE AT LEAST 10 VOTES SHY (AND THEY NEED BOTH REPUBLICANSS AND DEMOCRAT.). THE BANKS ARE HEAVILY LOBBYING TO TRY AND STOP THIS BILL…BUY USING YOUR MONEY THAT BAIL THEM OUT !!! CONTACT YOUR SENATORS (ITS VERY EASY AND i WILL EXPLAIN HOW) AND LETS GET THIS BILL PASSED. BE IN FAVOR OF HR 1106 AND S.61 “HELPING FAMILIES SAVE THEIR HOMES.” CONTACT SOME OR ALL OF THESE US SENATORS THAT NEED MORE THAN A LITTLE CONVINCING TO HELP OUT HARD WORKING AMERICANS THAT ARE NOT LOOKING FOR A “BAILOUT”..JUST A LITTLE HOPE AND CHANCE TO GET BACK ON THEIR FEET AGAIN. SENATOR BAUGH, SENATOR LIEBERMAN, SENATOR LINCOLN, SENATORS FROM ARIZONA, ARKANSAS, KANSAS, NEVADA, GEORGIA, WEST VIRGINIA, TENNESSEE, NEBRASKA, TEXAS. SIMPLY “GOOGLE” THE SENATOR FOR WHAT STATE YOU WANT TO LEAVE A EMAIL OR CALL. OVERWELM THEM WITH SUPPORT OF HR 1106 AND S.61 (HELPING FAMILIES SAVE THEIR HOMES) AND THIS BILL CAN BE FINALLY IMPLEMENTED AS SOON AS PRESIDENT OBAMA HAS IT ON HIS DESK. THANK YOU AND “GOD BLESS AMERICA”.
I respectfully disagree with any law that would allow judges to make any adjustment to the mortgage rate or term. As the banks typically only service the loan.. and do not have it on their books, the investors who really carry the debt will be affected and the viability of future investors buying mortgage backed securities will be jeopardized.
Russ…and the problem with that is what? This economy needs to be restructured from the bottom up not the top down as you suggest.
[...] Arizona the second highest state to be feeling the negative impact of the current housing crisis. ( read full article here ) But while there are many resources and tips on Arizona foreclosures available online, there is [...]
[...] Arizona the second highest state to be feeling the negative impact of the current housing crisis. ( read full article here ) But while there are many resources and tips on Arizona foreclosures available online, there is [...]
Since the banks & investors created this mortgage back securities fiasco, Russ you are correct in asking the judges / judicial system to stay out of the loan modification process. However as a Realtor & home owner in Florida, I can tell you first hand loan modifications are not being done proactively by the banks or investors. Therefore, the courts should force the loan modification based on the “current market value”, since most people in this process are struggling do the banks’ modification process based on looking back at a situation they were directly responsible for & have been bailed out by the very people who need modifications…
I feel no pain for people who took out interest only no money down loans.
The government created a huge problem for the American consumer when it bailed out the banks & one of its biggest insurers AIG. This has created an unfair business environment for consumers now attempting to negotiate with their banks. We would not be looking at legislation like S.61 if banks had not already been bailed out with money from the very consumers they now do not want to negotiate with. It is very disingenuous for anyone to oppose this legislation in light of the recent unfair market advantage given to banks with tax payer money.
I would not agree that the consumer that took out these crazy loans is not responsible, but they are already paying as most of those people already lost their homes. The investors should be responsible though and if the judical system has to hold them accountable then so be it. One thing most people don’t consider are the employees of those investors, banks etc.. so many jobs lost and they didn’t do anything except their jobs (for most). I agree there were some dishonest people, but they are gone with their golden parachute
Uncertainty about loan contracts will kill lending for new housing and only derail the housing industry. Rewriting contract law thne puts all contracts on th eline including auto and credit cards. Who will lend money then ? Only a few will get laons.
never ever trust a real estate person.
What everyone seems to be missing here is the simple fact when the house forecloses; it is taken from the original owner then sold at auction at a fraction of the price. If the mortgage company would have lowered the price of the home to what it sold for at auction, they could have saved commissions, legal fees and the house and the senate the pain of debating this crap to begin with. It’s called doing the right thing to get the economy and families back on their feet. Geesh.