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Foreclosure News | Foreclosure Resources | Foreclosure Prevention Guide

Foreclosures Edge Lower

190,000 pre-foreclosures filed in September

October 9, 2008

By MortgageDaily.com staff

Loans entering the foreclosure process dipped last month, according to one foreclosure listing service. But filings were still nearly double the level a year earlier.

During September, around 190,000 pre-foreclosures were filed across the country, according to data published by ForeclosureS.com. Filings fell from approximately 195,000 in August. The decline was driven by California, which saw 39 percent fewer filings; Michigan, which was down 36 percent; and Texas, which was down 13 percent.

In September 2007, roughly 98,000 pre-foreclosures were filed, based on ForeclosureS.com's data.

Third-quarter pre-foreclosure filings amounted to approximately 561,000, up from around 541,000 in the second quarter, the data indicated.

ForeclosureS.com said 7.8 filings were made per 1,000 U.S. households during the third quarter.

So far this year, around 1.6 million pre-foreclosures have been filed -- a figure that is expected to surpass 2.0 million by yearend to a new record.

Real estate owned filings were reported at around 108,000 in September, climbing from roughly 101,000 the prior month. California saw 89,450 REOs, while Arizona had 31,822 and Florida experienced 29,591.

Third-quarter REOs reached approximately 301,000, up from around 239,000 in the second quarter. Year-to-date REO filings were 750,000 as of September.

ForeclosureS.com, which said its figures are derived from a database of more than 5.5 million listings, projects REOs will reach 1 million this year.

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