Repo Homes Numbers Skyrocketing

Posted on May 23, 2008
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Figures speak for themselves – there has been a hike of 112% in foreclosure postings during the first quarter causing about 155,000 families to have become homeless this year. The rate of foreclosure is 1:194 indicating that repo homes numbers are skyrocketing without any signs of respite.

According to the findings of RealtyTrac there have been 650,000 foreclosure postings in the first quarter. The numbers include all the stages of the foreclosure process – default and auction notice as well as bank repossessions. It is a 23% hike from the first quarter of 2007. Rick Sharga of RealtyTrac said that a hike had been anticipated but nobody thought that the numbers would double since the previous year.

Foreclosures have spiked in 46 states and in 90 of the 100 jumbo metro regions in the country. The intensity varies from one region to another. In Connecticut repo homes numbers tripled compared to the first quarter of the previous year. Massachusetts showed an increase of 260%.

The worst concentrations continue to be in the southwest of USA with Nevada, California and Arizona leading the race. During the boom years these states had seen the maximum of bubbling and zooming in housing activity. Speculators had been buzzing around snapping up properties. Money was flowing.

The first quarter foreclosure rate for Nevada was 1:54 – the highest among the states. In glitzy Las Vegas the rate was 1:44. Amongst the metro regions the highest figures came from Stockton with a rate of 1:30 – it being seven fold higher than the national average. Riverside/San Bernardino regions had a rate of 1:38. Only two metro regions were outside the Sunbelt. These were Detroit with a rate of 1:68, and Cleveland with 1:105.

The alarming numbers are rolling in despite the foreclosure preventive measures that have been much publicized. Hope Now consisting of lenders, community organizations and backed by the government claimed that it had helped, during the first quarter of the current year, more than half a million house owners to stay in the houses that were their homes.

In Philadelphia the help measures had shown remarkable results. A hold had been placed on all foreclosure auctions scheduled for April. It was made mandatory that the lenders would have to sit personally with the borrowers to find out viable alternatives. But will it be able to stand up to another foreclosure tsunami that is brewing centred around increase in interest rates in another lot of mortgages?

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