Real Estate Bank Repossessions soar 129 percent Over Last Year
The real estate data firm RealtyTrac just released a report showing real estate home foreclosure filings surged 57 percent in the 12 month-period ended in March and bank repossessions soared 129 percent from a year ago.
RealtyTrac said the foreclosure peak has yet to be reached.
The vice president of marketing at RealtyTrac said: "What we're really looking at is ongoing fallout from people overextending themselves to buy homes they couldn't afford and using highly toxic loan products to get into the houses in the first place." Mr. Sharga went on to say: "We're going to see quite possibly a record amount of foreclosure activity in the third or fourth quarter."
The states with the highest foreclosure filing rates — Nevada, California and Florida — also are among those that had the biggest price appreciation in the five-year boom before the housing meltdown that began in 2006.
In Nevada, one in every 139 households received a foreclosure filing in March, keeping the state at the top of the ranks for the 15th straight month.
The 7,659 Nevada properties receiving foreclosure filings last month represented a 24 percent jump from February and a nearly 62 percent spike from March 2007.
California had the second highest rate of foreclosure filings, one for every 204 households, followed by Florida with one of every 282 households.
Arizona's filings fell about 5 percent, but it retained its standing as with the fourth highest pace of foreclosure activity for the third month straight.
Foreclosure filings were reported on 64,711 California properties in March, the most of any state for the 15th consecutive month, up nearly 21 percent from February and up almost 106 percent from March 2007. San Diego County real estate agents
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Subprime loans, my foot! That subprime fiasco, which is likely to mount losses between one-half and one trillion dollars, is just a small part of the true real estate problem which little by little is starting to take shape; a problem that Wall Street, politicians, economists, and the public at large have been unwilling to talk about, much less confront.
And that is, the multi-trillion dollar excess valuation of real estate in the nation, in both residential and commercial markets; something which for the next 3 to 5 years, at a minimum, will have the US immersed in a recession, a modified version of the one experienced in Japan throughout the 90’s and the first 2 years of the new millennium. San Diego California real estate agents
Thats so sad! So many people having their houses repo’ed. I hope the market turns around soon.
Deb
Oakland California Law
I think people’s expectations of multiple digit appreciation each year in real estate is now proven to be a total fallacy.
Brandon
SD County Plastics
Homeowners should be prepared to ride out the current fluctuation, because in the long run values should continue to escalate.
Ryan
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Seems there should have been more government regulation and tighter qualification for subprime mortgages in order to prevent what we’re now facing.
Maddison
SD medical trials
Commodities guru and hedge fund manager Jim Rogers warns that real estate in expensive bubble areas will drop 40 or 50%.
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