203,562 New Listings - Last update: November, 24 2009 - 08:11 AM EST
A tornado is rushing through the length and breadth of USA – Tornado Foreclosure. One by one heads are being decapitated. The sub-prime market fiasco triggered off the waves. The original idea was to make it easy for all and sundry to avail of loans to realize the great American dream of owning a house. But things went awry. There were lenders who took the gullibility of lenders to gain advantage.
The borrowers were either greedy or naïve to think that even after the honeymoon period of grace the marriage with the mortgage would last out the full period. The ripples are now being felt globally. Big mortgage giants are closing shop. Property is going a-begging but money is not rolling into the kitty. The banks do not want bricks and mortar – they want money to turn in. But who will buy the property with mortgages being at a premium? It has set off a viscous circle entrapping everybody turning the foreclosure into a socio-economic debacle of jumbo proportions.
One hundred metropolitan areas in the country are suffering the foreclosure battering. Among them Denver/Aurora ranks sixth according to a reliable data collecting source, RealtyTrac. The statistics is one for every 42 units. It shows a rise of 14% from the last six months and an 11% up for the same period in comparison to the previous year.
The first ten are ranked according to the foreclosure numbers – Stockton (1:27), Detroit/Michigan/Dearborn (1:29), Las Vegas/Paradise (1:31), Riverside/ San Bernadino (1:33), Sacramento (1:36), Denver/Aurora (1:42), Miami (1:46), Bakersfield (1:47), Memphis (1:49) and Cleveland/Lorain/Elyria/Mentor/Ohio (1:50).
At the bottom end of the list are Honolulu (1:1,151), McAllen/Edinburg/Pharr (1:1,494), Grenville (1:1,721) and Richmond (1:2,319).
As regards total number of foreclosures the first position goes to Riverside/San Bernardino in south California having 41,351 filings on 22,291 properties.
This is the first time that RealtyTrac has included in its counting those units with at least one foreclosure reported against it. According to this new method the property is counted only once although several foreclosures may be tagged to it during the same period. RealtyTrac has in this way revised their way of counting following complaints by officials from Colorado that the previous method resulted in double or triple counting of foreclosures in the state. The three steps of foreclosure comprises of default notice, foreclosure sale notice and auction wherein the property is actually sold.
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One Response
Great points, but now what? The uneducated consumer and the greedy lenders have thrown the entire market on it’s ear. The overwhelming supply is overwhelming because there is no demand. A wicked circle of the which is causing which? I would love to hear any ideas you have about what consumers should be doing now.