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Foreclosures Improve

494,078 Q2 pre-foreclosures

July 9, 2009

By MortgageDaily.com staff


Foreclosure filings fell from the first quarter and from the prior year.

Second-quarter pre-foreclosures totaled 494,078, falling from the first quarter's 550,571, ForeclosureS.com reported yesterday. Previous data from ForeclosureS.com indicated pre-foreclosure filings were 548,511 during the second-quarter 2008.

The pre-foreclosure rate declined to 0.66 percent from the first quarter's 0.74 percent. The second-quarter rate was highest in the Southwest: 1.06 percent.

Pre-foreclosures can include notice of default and notice of foreclosure auction against a property.

During the first-half 2009, pre-foreclosures totaled 1,044,649, edging down from 1,063,516 in the first-half 2008. The first-half pre-foreclosure rate rose 0.01 percent to 0.62 percent.

The Midwest's 42 percent quarterly decline in pre-foreclosure filings was the biggest drop of any region.

U.S. repossessions fell to 205,031 in the second quarter from the prior period's 230,936. REOs were also lower than 245,189 during the second-quarter 2008 based on previously reported data from ForeclosureS.com.

The second-quarter REO rate fell to 0.26 percent from the first quarter's 0.30 percent and was highest in the Southwest at 0.38 percent.

First half REOs fell to 440,957 from the prior year's 455,965, while the first-half REO rate edged up to 1.47 percent from 1.46 percent.

ForeclosureS.com attributed the decline in foreclosure activity to moratoria, bailouts, reforms and negotiations.
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