Foreclosures are touching literally everybody in our country, either you are one of the “unlucky one” who are facing foreclosure, or you know of a friend or family member in that situation or your home’s value was affected by a nearby-foreclosed property, the reality is that, foreclosures are part of our daily life and it seams that is going to be like this for a while.
After researching the market, I found some facts that I wanted to share with you.
Here are some facts that I was able to find:
*US Foreclosure Filings In February Up 30% On Year –RealtyTrac
*Slightly more than 290,000 properties- one in every 440 housing units - were slapped with a foreclosure filing in February, up nearly 30% from a year earlier
*Foreclosure cases rise on Long Island to a new higher level of 54% last month
*In Florida 8,450 existing homes sold, up 24 percent from the 6,810 homes sold in January 2008, according to FAR
*6% increase from January, was the third-highest monthly total - following those in August and December 2008
*Filings spike after moratoriums expire this month
Jacksonville, Fl Forbes’s prediction to become US foreclosure capital rank number 25 on the 100 top metro area list
*In Florida, one in every 188 homes faced foreclosure
*New York proceedings delayed by a 90-day extension appear to have hit the system in February, boosting foreclosure activity by 23%
*Thousands of Alt-A and option-arm loans worth $60 billion to $70 billion are due to reset starting in the second quarter
*One in every 440 homes nationwide was hit with a foreclosure filing
*Much of the foreclosure is rippling across former bubble markets
*In Las Vegas, one in every 60 units received a filing, giving the city the nation's highest rate among metro areas with a population of at least 200,000 and a rate more than seven times higher than the national average
*Phoenix ranks ninth with one in every 110 units
I am sure this facts list could go on and on, but we will stop here…for now.