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“… A Drop in the Bucket! Unless of Course…”
By Sherman Ragland | April 14, 2008
The following is from today’s eZINE, Originator Times:
“SACRAMENTO, CA – Lenders repossessed nearly 3 of every 1,000 households nationwide this year as a result of foreclosures. That’s up 70.6% from 1.7 of every 1,000 households 1st quarter 2007 and from 2.7 per 1,000 in 4th quarter 2007, according to California-based ForeclosureS.com, foreclosure information specialists.
These new numbers mean already this year 210,280 homeowners have lost their lock on the American dream reports ForeclosureS.com.
Now with an expanded data base of more than 5.5 million property listings, ForeclosureS.com has been the professional’s source for accurate foreclosure property information for more than two decades. The company bases its analysis on the number of formal notices filed against a property during the foreclosure process. That can include notice of default, notice of foreclosure auction, and/or notice of REO (lender-owned real estate that occurs after a foreclosed property fails to sell at auction and reverts back to the lender).
Big increases in the nation’s Southeast and Southwest regions led another 7.2 of every 1,000 households into pre-foreclosure in the 1st quarter (515,411 pre-foreclosure filings), up from 3.7 per 1,000 households (264,445 filings) 1st quarter 2007.
For all of 2007, almost 1.32 million homeowners nationwide (18.2 for every 1,000 households) faced pre-foreclosure, up 59.65% from 636,957 filings (11.4 per 1,000 households) in 2006.
“The foreclosure numbers and much of the economic news today sound scary, but let’s get some perspective,” says Alexis McGee, foreclosure information expert, educator, and president of ForeclosureS.com.
“Total outstanding U.S. mortgage debt totals more than $10 trillion! Foreclosures are a drop in that bucket,” McGee adds.”
That is “a drop in the bucket”, unless of course it’s your home.
One thing is for shure, investors who understand Preforclosures, Foreclosures, Short Sales and HOW TO BUY REO’s from Banks will be swamped well into 2009!
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