FORECLOSURE STATISTICS IN THE US Filings, Rates, Home Repossesions
The newest foreclosure statistics reviewed that there were 2.7 Million foreclosure filings in 2011 in America. The Average Foreclosure Sales Price is $183,400.00.
Every 3 months 250 Thousand families enter into foreclosure in the US.
In December of 2011, 1 in every 634 housing units received a foreclosure filing.
It is estimated that 4 million delinquent mortgages are heading towards foreclosure in 2012.
The states with the highest and lowest foreclosure rates in the nation in 2011.
States with HIGH foreclosure actions to housing units: Nevada 1/177, California 1/254, Arizona 1/357, Michigan 1/346, Florida 1/360, Georgia 1/381, Illinois 1/419.
States with LOW Foreclosure actions to housing units: North Dakota 1/316.000, Vermont 1/18.500, West Virginia 1/11.500, South Dakota 1/7.160, Arkansas 1/6.182, Wyoming 1/5.542.
FORECLOSURE STATISTICS - The Subprime Mortgage Crisis
After experiencing huge losses due to fallout from the subprime mortgage crisis, over 220 mortgage lenders have filed bankruptcy, gone out of business, or significantly reduced their lending policies, since 2006.
In December of 2007, foreclosure filings had jumped 97% compared to the previous year.
In 2007, more than 1% of all homes were in some stage of foreclosure, compared to only 0.58% in 2006.
A total of 224,451 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during October 2007. Up 2% from the previous month and up 94% from October 2006.
Florida had more than 2% of households entering some stage of the foreclosure process in 2007, 165,291 total properties.
The national foreclosure rate for October 2007 was 1 foreclosure filing for every 555 households.
Adjustable-rate subprime mortgages account for about 7% of all mortgages, but 42% of foreclosures.
Late payments rose to a 23-year high.
About $460 billion of adjustable-rate mortgages are scheduled to reset in 2008.
Another $420 billion will rise in the year 2011.
Between 750 thousand and 1 MILLION homes will be repossessed in 2008.
Foreclosure rate in October 2007 - Top 10 States
NEVADA - 1 foreclosure filing for every 154 households (6,732 foreclosure filings.)
CALIFORNIA - 1 foreclosure filing for every 258 households (50,401 filings.)
FLORIDA - 1 foreclosure filing for every 273 households (30,190 filings.)
OHIO - 1 in every 290 households (17,276 filings.)
GEORGIA - 1 foreclosure filing for every 332 households (11,352 filings.)
MICHIGAN - 1 foreclosure filing for every 334 households (13,415 filings.)
COLORADO - 1 foreclosure filing for every 382 households (5,379 filings.)
ARIZONA - 1 foreclosure filing for every 401 households (6,339 filings.)
INDIANA - 1 foreclosure filing for every 516 households (5,284 filings.)
ILLINOIS - 1 foreclosure filing for every 532 households (9,674 filings.)
Top metro foreclosure rates in October 2007
1 - Merced: one foreclosure filing for every 82 households — 6.7 times the national average.
2 - Stockton
3 - Modesto
4 - Las Vegas: one foreclosure filing for every 120 households.
5 - Detroit: one foreclosure filing for every 131 households.
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