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Dismal Foreclosure Outlook

253,803 1st quarter foreclosures

April 17, 2007

By MortgageDaily.com staff

Foreclosures soared during the first quarter and are projected to continue higher.

Pre-foreclosures and notices of pending foreclosures numbered 253,803 during the first quarter 2007, according to an announcement today from ForeclosureS.com. The latest activity, which excludes real estate owned, was up from 207,128 in the prior quarter.

"That means 2.4 out of every 1,000 homeowners faced losing their property to foreclosure in the first three months of 2007," the statement said.

By region, the Southwest continued "to lead the nation in pre-foreclosure and auction filings," ForeclosureS.com reported.

Among the top three counties with the highest pre-foreclosures during the first quarter were Los Angeles County, Calif., with 9,354 filings; Clark County, Nev., with 6,601 filings; and Cook County, Ill., with 6,259 filings. Dallas County, Texas, topped the number of year-to-date auction filings while Harris County, Texas, had the most REOs with 3,985.

Topped by Texas with over 14,000 REO filings, REOs totaled 110,791 units, ForeclosureS.com reported. Ohio, with 2.5 filings per 1,000 households, and Tennessee, with 2.2 filings per 1,000 households, had the highest per capita REO filings.

Nationally, auction filings were 102,930 -- climbing from 69,802 the prior quarter, the report indicated.

Meanwhile, foreclosure filings for just March reportedly were 70,350 -- jumping 39 percent from February.

"In the coming months, we can expect to see many more pre-foreclosure filings, more auctions, and more REOs," said Alexis McGee, president of the California-based foreclosure tracking service, in the statement.

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