Posted on 05/08/2007 8:13:22 AM PDT by Always Right
SACRAMENTO, Calif.--(BUSINESS WIRE)--Foreclosures filings dropped significantly across the country last month. Just under 100,000 pre-foreclosures and notices of pending foreclosure auctions were filed nationwide in April, down 14.3 percent from the almost 115,700 filings in the previous month, according to the latest numbers from ForeclosureS.com, a California-based real estate investment advisory firm and publisher of foreclosure and property information.
Another nearly 40,000 properties were taken back by lenders—known as REO or bank-owned real estate filings—in April, also down 14 percent from March numbers.
“Foreclosure filing numbers remain up for the year to date, but last month’s double-digit decline is positive news in an industry already reeling from the subprime lending debacle and a slowdown in home construction, sales, and price appreciation,” says Alexis McGee, president of ForeclosureS.com and author of the upcoming book, “The Foreclosures.com Guide to Investing: Making Huge Profits Investing in Pre-Foreclosures Without Selling Your Soul” (John Wiley, September 2007).
On a per capita basis, Nevada led the nation in pre-foreclosure filings for April with 3.1 for every 1,000 of its households. Arizona and Nevada tied for the dubious No. 1 auction-filings spot with 1.3 filings per 1,000 households, and Colorado led the nation in REO or bank-owned filings with its 1.9 per 1,000 households in the state. That’s based on numbers and analysis of the more than 2 million property listings available at ForeclosureS.com.
(Excerpt) Read more at home.businesswire.com ...
Many people were doing their income taxes in April..found out they were getting refunds, and were able to get the instant loans to defer the inevitable for a few months. Watch..it goes back up in May, and really spikes up in June..
We will probably continue to see an upward trend, but the economy is too healthy for anything too drastic to happen. I don’t see any spikes happening anytime soon. Banks will get creative to avoid foreclosing on too many homes. Banks can’t afford to do otherwise. Banks will refinance at lower rates or may even forgive some payments.
Paging ex-texan!
This,no doubt,will make it *real* easy for folks to get mortgages in the future.
http://www.freerepublic.com/focus/f-news/1829714/posts?page=131#131
That’s not the big economic news.
The big economic news is that unemployment is up (by one ephemeral way of looking at it) and so are gas prices (nevermind this is motivating us to free ourselves from influences if Mohammedan oil nations).
1. Right before the balloon went up, a few months ago, on all these sub-prime loans, there was a huge spike up in the number of these loans being originated. They last ones to go in the pipeline havemn't yet gotten into trouble..it's still too early...and on many of them..what was being done, was that more money was being added to the loan amount, and that excess was used to prepay the first 6 to 12 months payments..IOW..they were attempting to clean-up, er, camaflague the lousy loans.. It's still got a ways to go before all the crap comes out..
Banks learned their lesson last time..They want to foreclose, wipe out all the garbage at one shot..take the hit all at once, not let it go on...so I disagree, they'll be aggressive in forclosing..moreso becuase if they let people hang on, they condition of the properties..maintenance, repair, will deteriorate rapidly even further..
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