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Foreclosure News

Foreclosure Figures Worse

355,624 REO filings YTD August

September 10, 2007

By MortgageDaily.com staff

Foreclosure activity shows no signs of easing.

Through year-to-date August, 355,624 mortgages have moved into the ranks of real estate owned, ForeclosureS.com announced today. The figure represents more than four out of every 1,000 U.S. households, climbing from three out of every 1,000 households during the first eight months of last year.

The Sacramento, Calif.-based firm, which analyzed data from its 3.5 million property database, said 11 states have recorded triple-digit increases in REO filings compared to last year.

On a per capital basis, Louisiana led REO filings with 14.7 filings for every 1,000 households, the press release noted. Michigan was next with 11.1 filings per 1,000 households followed by Nevada at 11.0 filings.

By county, Costilla County in Colorado -- with 256.2 filings for every 1,000 households -- had the worst reported year-to-date record. Other counties to top the per capita list of REO filings were Valencia County, N.M.; Mohave County, Ariz.; and Elko County, Nev.

Pre-foreclosure filings totaled 731,244 through August, representing about 10 out of every 1,000 households, and could top 1 million by next month, the report said.

The Southeast region, with 158,466 pre-foreclosure filings during the first eight months of 2007, had a pre-foreclosure rate of 14.2 filings for every 1,000 households -- 145 percent higher than a year earlier, ForeclosureS.com said. In the Northeast, where 95,528 pre-foreclosure filings have been made, the rate was 8 out of every 1,000 households, up 116 percent from 2006.

Nevada's pre-foreclosure filing rate was the highest of any state so far this year with 30.9 filings per 1,000 households, according to the announcement. Florida followed with 21.5 filings per 1,000 households, then Colorado with 16 filings per 1,000 households.

During just August, California saw a 471 percent increase in REO filings over the same month last year, the report indicated. Arizona was up 217 percent, while Nevada jumped 192 percent.

Alpine County, Calif., reportedly had the highest pre-foreclosure rate of all U.S. counties at 45.5 filings per 1,000 households during both August and year-to-date. Next was Lee County, Fla., and Pinal County, Ariz.

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