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U.S. Foreclosures Rise 55%, Bank Seizures Reach High
Dan Levy
Bloomberg
Thursday, Aug 14, 2008
Banks repossessed almost three times as many U.S. homes in July than a year earlier and the number of properties at risk of foreclosure jumped 55 percent as falling prices made it harder to sell or refinance.
Bank seizures rose 184 percent to 77,295, the steepest increase since reporting began in January 2005, RealtyTrac Inc., an Irvine, California-based seller of foreclosure data, said today in a statement. More than 272,000 properties, or one in 464 U.S. households, got a default notice, were warned of a pending auction or foreclosed on.
“It’s getting worse,” Rick Sharga, RealtyTrac’s executive vice president for marketing, said in an interview. “The number of properties that have been foreclosed on by the banks and still haven’t sold is the highest we’ve ever seen.”
(Article continues below)
Nevada, California and Florida had the highest rates. Total foreclosure filings rose 8 percent from the previous month to 272,171, just shy of the record 273,001 set in May, said RealtyTrac, which has a database of more than 1.5 million properties. Through July, 775,244 properties were owned by banks, compared with about 445,000 for all of 2007 and about 224,000 in 2006, Sharga said.
Foreclosures are depressing home prices, contributing to job losses and weakening consumption as fewer people borrow against the value of their home, New York-based analysts at Lehman Brothers Holdings Inc. said Aug. 7.
U.S. home prices fell 15.8 percent in May, the most since at least 2001, according to the S&P/Case-Shiller home-price index. One-third of home sellers in the second quarter lost money, Zillow.com, a Seattle-based provider of home valuations, reported this week.
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7 Responses to “U.S. Foreclosures Rise 55%, Bank Seizures Reach High”
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August 14th, 2008 at 3:33 pm
Foreclosures are depressing home prices, contributing to job losses and weakening consumption as fewer people borrow against the value of their home, New York-based analysts at Lehman Brothers Holdings Inc. said Aug. 7…
Any idea of what the median home price was for these homes before the foreclosure crisis even began? I could be way off but I’d guess a modest $200,000 – $250,000. Now we’re supposed to feel sorry for all these gluttonous pigs who attempted to live beyond their means on dual $30,000 yearly incomes. Any idea how many of these homes had SUVs sitting in the driveways? Again I’ll take a guess at maybe 25% – 50%. Now we’re supposed to feel sorry for all these gluttonous pigs…
Time to wake up America. YOU KNEW THIS WAS COMING AND IT’S BEEN IN YOUR FACE SINCE THE 1990s. Let’s see: 5.6 Trillion dollars since 1995 given to other nations by the U.S., and that’s only in the trade deficits. ROFL. No sympathies here folks.
August 14th, 2008 at 5:38 pm
Alienation,
actually it is deeper than that. There are scores of homeowners with adequate incomes who can easily afford the homes they are living in, but still choose to abandon them along with their commitment to the bank. Sure it is a big hit to their credit history, but if you can save $200K in the process, you’d consider that.
There was this story about a family in California, who bought a $500K home 2 years ago and after 2 years of mortgage payment were still owing that amount to the bank, as they were paying interest only all this time. While their property fell in price to only $300K. What they did, they bought another house similar to what they had for $300 and afterwards abandoned their old home. The bank repossessed that house and their credit went down the drain, but they saved big time. And they can rebuild their credit in 5 years or so.
So that is actually worse than just people who can’t afford to pay for their homes. It’s those who can, but choose not to.
August 14th, 2008 at 6:41 pm
no one wrote: “actually it is deeper than that.”
Did I say anything in my comment to suggest that the ideas I conveyed were the be-all and end-all of the problem? No.
If the article would have mentioned the example you gave, I would have plainly said “go suck rope and choke”. Be it as it may, I still hold my opinion and have absolutely no sympathy for ANYONE living in quarter million dollar homes (regardless of if they CAN afford it or NOT) and bitch about foreclosure whether it be by ignorance of flexible interest rate loans or their own design to save a buck.
August 14th, 2008 at 6:44 pm
This is why instituting a debt-free money system — see http://www.webofdebt.com — is easily one of our five most urgently needed reforms.
The other four being:
* election reform measures such as hand-counted paper ballots, proportional representation, instant runoff voting, and ballot access reform;
* maintaining a free and open and Internet (see http://savetheinternet.com);
* bringing to justice the traitors within the U.S. government who helped orchestrate the 9/11 terrorist attacks; and
* repealing all post-9/11 police state legislation (the “Patriot” Act, the Homeland “Security” Act, the Military Commissions Act, etc.)
August 14th, 2008 at 6:51 pm
no one:
After reading your comment again, it is possible I misinterpreted your intent – but I’m not sure. To clear things up I would say that if your intended meaning of “…worse than just people who can’t afford to pay for their homes” was only in the context of the problem with homeowners then I would agree with you, however, at the end of my original comment I mentioned the largest trade deficit in history which makes dollars lost due to homeowners who “choose” to bail out pale in comparison.
Thanks for your input – I think.
August 14th, 2008 at 8:17 pm
This is why instituting a debt-free money system — see http://www.webofdebt.com — is easily one of our five most urgently needed reforms.
The other four being:
* election reform measures such as hand-counted paper ballots, proportional representation, instant runoff voting, and ballot access reform;
* maintaining a free and open Internet (see http://savetheinternet.com);
* bringing to justice the traitors within the U.S. government who helped orchestrate the 9/11 terrorist attacks; and
* repealing all post-9/11 police state legislation (the “Patriot” Act, the Homeland “Security” Act, the Military Commissions Act, etc. — see http://www.washingtonyourefired.com).
August 15th, 2008 at 3:23 am
Get your money either into other currencies or out of the banks while you still can after the ‘run’ it will be too late…be prudent. Run don’t walk to your bank now.
I have followed this example and sleep well each night, if the bank locks their doors, I’ll just smile. This is another way to stop the neoconartists too, stop the money flow to the murderers, cleanse yourself of your personal involvement in the baby killing around the world by the American military and cia.