Nearly a Half Million Homes Repossessed This Year

July 14, 2008 No Comments »

bank owned

Close to a half million Americans have lost their homes to foreclosure so far in 2008, according to the latest data released by Foreclosures.com today.

Put another way, six out of every 1,000 households in the United States has been repossessed by the issuing bank or mortgage lender this year following foreclosure proceedings.

During the second quarter, a total of 244,230 REO filings were reported, up 15.76 percent from the 210,980 recorded in the first quarter of 2008.

Additionally, the company said REO filings were up 5.35 percent in June compared to May, with a total of 87,465 recorded.

“If the trend continues, we could see one million properties lost to foreclosure across the country by year-end,” said Alexis McGee, president of Foreclosures.com.

California led the nation in total REO filings with 116,857, or roughly 10 out of every 1,000 households, followed by Florida’s 43,744 listings and Arizona’s 40,639 filings.

Mississippi, Arizona, and Nevada led the nation in REOs per household basis, with about 20 out of every 1,000 homes now bank owned.

Of course pre-foreclosure filings have already exceeded the one million mark through the first half of the year, though they don’t always end up as REOs, especially now that loan modifications are picking up and recent legislation is slowing the epidemic.

Through June 30, 1,060,187 pre-foreclosure filings were reported by Foreclosures.com, nearly double the total in the first half of 2007.

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