Foreclosure: Foreclosure Numbers Fall

In general foreclosures across the nation fell by 8% with 39 states showing a decline in numbers. As yet the time is not ripe to comment about the health of the market in relation to this fall. It could very well be only the lull before the storm. Any moment the foreclosure storm might pick up speed. No expert is ready to comment.

Report are being released by a reliable data collecting group from January 2005. According to their findings the foreclosure process inclusive of all the steps from default notice to bank repossessions, September 2007 recorded the second highest monthly total since numbers have been maintained. This year in September there were 223,538 filings. As compared to September 2006, this year the foreclosure number rose by 99% in the same month – that is 1:557.

In September Nevada filed the highest number and was closely followed by Florida and California as second and third rankers in the foreclosure race. In Michigan the foreclosure numbers fell by 8.5% but it still continues to keep its dubious position among the first ten top rankers across the country. Michigan came fourth with an increase of 81.5% over September 2006 having 14,242 foreclosure listings. There were 2,768 default notices, 6,987 sale notices and 4,487 bank takeovers. Wayne County ranked 5th in the nation as regards foreclosure filings with 7,410 on the list – 1:113. During this month the numbers declined by 23% but nevertheless the figures are not much to smile about. In Macomb County there was a decrease of 16.8% with 1,253 foreclosure filings in September.

In some place there have been a reversal of the general deceasing trend and a continuation of the previous mood of increase. There was 152.6% increase in Oakland County where the numbers went up to 2,183 in the month. In Detroit sales rose by 30% as compared to September 2006. The number of foreclosed units went up to 2,324.

Floating rates of the sub-prime category of mortgage is about to reset for the higher niche. Thus the general apprehension is that before the end of the year there will be another tidal wave of foreclosures. The borrowers will find it impossible to cope with the increased rate, which often more than doubles. With property value going down the house owner does not have the option of selling off the unit and staving off foreclosure.

Via

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