Actions rise 65 percent over the same month the year before

LOS ANGELES - More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 percent versus the same month last year and contributing to a deepening slide in home values, a research company said Tuesday.

Nationwide, 243,353 homes received at least one foreclosure-related filing in April, up 65 percent from 147,708 in the same month last year and up 4 percent since March, RealtyTrac Inc. said.

Nevada, Arizona, California and Florida were among the hardest hit states, with metropolitan areas in California and Florida accounting for nine of the top 10 areas with the highest rate of foreclosure, the company said.

Irvine, Calif.-based RealtyTrac monitors default notices, auction sale notices and bank repossessions.

One in every 519 U.S. households received a foreclosure filing in April. Foreclosure filings increased from a year earlier in all but eight states.

The combination of weak housing sales, falling home values, tighter mortgage lending criteria and a slowing U.S. economy has left financially strapped homeowners with fewer options to avoid foreclosure. Many can’t find buyers or owe more than their home is worth and can’t get refinanced into an affordable loan.

Why is this "thumbs up"?

I've noticed Santee comps have risen 3 straight months since a low in February. =D Already on the upswing.

More foreclosures = more inventory = lower prices = where things should be.

I'd like to read about the amazing recovery in Santee. Linky link.

http://www.sandicor.com/statistics.html


February median: $340k on 21 sales
March median: $380k on 18 sales
April median: $390k on 22 sales

Comps don't lie. They are the facts, Jack!

Sandicor is the #1 site you should read regarding SD realty. All facts. All sales comps throughout the region. Not biased like doomsday news sites or whatever.

The current median is "only" 15% lower than when I bought in January, 2005. The situation is not nearly as dire as in other areas with McMansions. Santee will hold value better than most areas because the homes were "cheap" to begin with.

Good news!

Maybe you can get a HELOC and buy that G8 AND GT500.

HELOC ftl. So dangerous...

I was watching the financial news on Fox business today and everyone of their real estate experts said that we are about a year away from hitting rock bottom. They also mentioned that even consumers with high credit ratings are having trouble securing financing, even with 25% down. Quite a mess there is right now.

FYI: Sandicor is owned by realtor associations.

Here's some more facts:

The April total of foreclosure sales at auction -- 22,838 for the state -- represents a jump of 44% over March totals and the highest level ever in California, ForeclosureRadar reports.

A separate estimate of foreclosures by DataQuick Information Systems had counted 47,171 foreclosures in the first quarter, a rate of more than 500 per day from January to March. The new statistics show every category of foreclosure statistics rose in April.

It appears the pipeline of potential foreclosures is jampacked, too: the ForeclosureRadar reported 44,101 new "Notices of Default" filings in April, a new record for California. Notices of Default are the first step in the foreclosure process.


http://latimesblogs.latimes.com/laland/2008/05/foreclosure-flo.html

We'll check back every month and use 92071 as a study case, just for fun.

I know that Doug. Are you suggesting that their actual sell through comp data is incorrect? This can be easily verified through title. Why are you bothered that my area isn't hit as hard as a lot of others?

I didn't suggest anything. I just stated who owns SANDICOR for others that may not know.

I don't see how you inferred that I was bothered about your area. It isn't an area that I have spent much time learning about and I have no interest in living there, so it could double of halve and be of no consequence to me (albeit it would be interesting to watch either way). I'm glad your area is performing to your satisfaction and hope it continues to do so.

Like I said above, we'll use that zip as a case study over the next few months as it is a good 'standard suburb' to study. If you are calling bottom right now, let it be known.

I personally feel there are far too many foreclosures for sale now, too many foreclosures in the pipeline, and shadow inventory not reflected in the MLS in all areas of SoCal for any bottom to be near. If I end up being wrong, then so be it.

You don't want to be my neighbor? :(

There are brand new, 1/2 acre + lots with 5,500 foot homes being built out here right now!

.....and no on to buy them. There are entire communities in Temecula that look like ghost towns due to so many repos. I laugh when I see new developments. They can't sell what's already built. Now they want to build more? LOL.

I work in North County. That commute would be worse than that I'm doing now.