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Foreclosure News

Foreclosures Fall

79,896 June preforeclosures

July 9, 2007

By MortgageDaily.com staff

Monthly foreclosure filings tumbled -- though a big chunk of them were in the Southwest.

There were 79,896 preforeclosure filings during June, ForeclosureS.com reported today. The figure fell from 105,891 in May.

The Sacramento, Calif.-based advisory firm said its numbers were based on its nationwide database of more than 3.2 million listings. Also, in order to avoid reporting more than one filing per property, it now reports just two types of filings -- preforeclosures and real estate owned by lenders.

At 33,798, the Southwest saw the most preforeclosure filings of any region in June, the report indicated. But filings improved significantly from 44,402 the previous month.

Nationwide REOs totaled 41,592 last month, down from 46,748 during May, ForeclosureS.com reported. The Southwest also topped this list at 15,941 REOs, off from 16,810 in May.

For the first six months of 2007, preforeclosures were 507,846, ForeclosureS.com said. The number of REOs was up 41 percent from the same period a year earlier to 247,947 nationally -- representing three out of every 1,000 borrowers.

By region, the Southwest had 216,257 preforeclosures and 98,903 REOs -- the highest of any region in the first half, the data indicated. But the Midwest "continues to take the brunt of the foreclosure epidemic nationally in terms of properties actually lost to foreclosure so far this year -- 4.6 REO filings per 1,000 households."

California saw the most preforeclosures of any state during the first half of this year, with 104,597 filings for a per capita rate of 0.91 percent, according to the announcement. But Nevada, which had just 15,812 filings, had the highest per capita rate at 2.12 percent.

Texas, however, boasted the most first-half REO filings, at 32,209, ForeclosureS.com announced. Ohio followed with 23,301 REOs. Based on the per capita rate, Colorado led with 0.92 percent.

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