Foreclosure Annual Report 2007

The number of properties in foreclosure increased by 79 percent in 2007, with 1 of any given 100 U.S. homes in bank or govenment stewardship, according to data tracker US Home Auctions.

The numbers suggests the Republican recommeded method for foreclosure prevention efforts will fall short exceptionally shy of making an impact on helping reduce the foreclosure rate in the US.

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Nationwide, there are 2.2 million foreclosuresduring the year of 2007 on about 1.3 million homes from 2006. Foreclosure is calculated as default notices, auction sales notices and bank repossessions.

The foreclosure rate improved at Q4 2007 for some states in the Midwest and Northeast. But foreclosure filings were up a lot in state where prices has gone up the most in the last 2 years especially California, Nevada and New Mexico.

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Foreclosure rate fell significantly at the time in in Ohio (-26%), Indiana (-34%), New Jersey (-23%) and New York (-20 percent). On the other hand California (up 33%), Nevada (up 64%) and New Mexico (up 58%).

California and Florida is often cited as the hardest hit states, with foreclosure filings on 414,804 homes and businesses, accounted for about one in three of any given foreclosed property in the United States. Michigan, Ohio, Illinois and Indiana accounted for another 269,479 homes. The time to buy in california is now.

The states with overall all the worst situation were Nevada (3.38), Florida (2), Michigan (1.95), California (1.92 ), Colorado (1.92), Ohio (1.8 ), Georgia (1.57), Arizona (1.52) Illinois (1.25) and Indiana (1.03). The country wide average rate was 1.03 percent. Thats the highest rate since the 1950’s.

The Center for Responsible Lending released a report that estimated the Bush-Chenney HOPE NOW proposal involving voluntary loan modifications by banks will prevent only one hundred thousand homes from foreclosures, or about 3 percent of total subprime mortgages with ARM rates. The new worsened since the report estimated that 3.5 million single family homes and condo/town houses will face interest-rate resets upwards of 2-3% in the 2008-2009.

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