Repo Homes Numbers Double In First Quarter

Posted on May 21, 2008
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In comparison to the first quarter of the previous year, this year the repo homes numbers have doubled. It has jumped by 112%. A weakening real estate and tightening of lending practices has led to this untenable situation. The hardest hit states are Nevada, Florida and California. Stockton in California is the worst offender in the nation with the foreclosure rate being 6.6 times more than the national average. About 157,000 units were taken back or repossessed by the lenders in the country during the first three months. Nevada topped the list in the rate of foreclosures. The ratio here is 1:54. It is four times the national proportion. The most number of repo homes were recorded in California with 169,831. It was a jump of 213% from what it was one year ago. Here the ratio is 1:78.

Across the country there were 649,917 foreclosure listings during the first quarter. In 2007 the number was 306,722. It marks an increase of 23% from the last quarter – that is the fourth quarter of 2007. The numbers are inclusive of all the stages of the foreclosure process – default and auction notices as well as bank repossessions. In the country one out of 194 units were in foreclosure during the first quarter of this year. Except for four states foreclosures continued to gallop and reign. This is the seventh consecutive quarter in which foreclosure listings have steadily increased in USA.

The only way out of this impasse is to coax the real estate back on its rails. People must start buying houses again. But with the mortgage industries tightening its belt loans are not easily available. From where will the down payments come? It is a vicious circle that will not allow easy penetration.

The galloping rise in foreclosures also point to the fact that despite the much hyped relief programmes by lawmakers no relief is as yet in sight. Hope Now, a relief agency backed by the Bush administration, claims that about 503,000 house owners have received help – although of a temporary nature.

The notable exception in the rising trend is Pennsylvania. The foreclosure figures actually plunged by 24.4% from what it was one year ago. The foreclosure relief measures being taken by the state is being given the credit for this. Cities like Philadelphia put on hold all foreclosure auctions scheduled to be held in April. Other steps were also taken.

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