More Firms Joining In To Collect Foreclosure Data

January 7th, 2008 | Tags: Foreclosure

Selling foreclosure data has now turned into a thriving business. There are many who want to join in and clinch a bargain deal at a foreclosure auction while others simple want to set up a home in a house of choice. The net result is that there is a scramble for foreclosure statistics. Even the name of Britney Spears pops up.

There may be four reports in a week all saying the same thing. At the root is the fact that the foreclosure problem is growing and growing without a pause. The foreclosure is a legal procedure consisting of many steps. The default notice is issued when the borrower fails to pay for certain months – the figure varying from state to state. Then the notice for foreclosure auction is issued. Time is given for the borrower to mend fences and clear up matters. If all else fails then the house is put up for sale in a court auction. There are so many stages that it is quite likely that statistics may be confusing. Besides there are often multiple mortgages on one house.

In Santa Clara County there were 2,568 foreclosure notices in 2006 but it increased by 148.7% to 6,386 in 2007. It shows that 1.1% of the households in the county are under the cloud of foreclosure. Some of the counting firms recently in the fray are careful about not double counting and taking into consideration the different stages of the foreclosure operation. Double counting led to the glib statement that one out of every 20 houses in Stockton was foreclosed. This set off panic and speculation.

But no matter how much the dust is swept under the carpet the fact remains that foreclosures have become a predominant factor in American economy. The numbers may vary here and there but there is never any smoke without fire. Foreclosures did not come out of the blue. It had definite roots in the escalating of the sub-prime mortgage when mortgage firms and their agents over reached themselves to rope in gullible borrowers to avail of loans they could ill afford. Some were speculators cashing in on the housing boom. But the majority were people trying to improve their standard of living and realize the great dream of owning a house. Today that dream has become a nightmare – whatever the figures and statistics.reat dream of owning a house. Today that dream has become a nightmare – whatever the figures and statistics.

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