July 19, 2024

According to RealtyTrac, for 2007, total foreclosure filings – which include default notices, auction sale notices and bank repossessions – grew 75%. Total foreclosure filings soared 97% in December alone compared with December of 2006. More than 1 percent of all U.S. households were in some stage of foreclosure during 2007.

California had a total of 250,000 foreclosure filings, the highest number of of any state.

From First American Core Logic the Top 10 risky cities … The markets facing the highest risk of foreclosure:

Rank     City     State     Annualized home price appreciation

1     Bakersfield     CA        -16.9%
2     Stockton     CA          -18.7%
3     Fresno     CA             -16.2%
4     Warren     MI               -7.1%
5     Grand Rapids   MI         -5.8%
6     Riverside     CA          -16.8%
7     Sacramento     CA      -15.1%
8     Detroit     MI                -0.8
9     McAllen     TX             2.6%
10   Youngstown     OH      -9.6%

The First American Core Logic report stated the risk of foreclosure has jumped 22 percent from January 2007, and 9 percent from three months ago. The report stressed that defaults continued rising for almost 2 years after the end of the last recession in 2001. Based on that history, Core Logic expects that foreclosure risk will continue to increase over the next 18 months.[tags]home foreclosure, foreclosure,real estate market, San Diego real estate, brokerforyou, real estate bubble[/tags]     for sale by owner San Diego California

5 thoughts on “Home Foreclosures up 75%

  1. I’ve live in Bakersfield since the early 1970’s. prices have fallen off by 2/3 of peak in summer of 2005. we are in the $100-$125 a sq ft range no. its getting scary even for home owner who’ve been in their houses 5+ years.
    -H

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