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A new foreclosure starts every 13 seconds, equaling almost 6,500 a day.

The number of new foreclosure starts for the first five months of 2009 has reached one million according to the Center for Responsible Lending. They are projecting 2.4 million foreclosure starts by the end of the year, which it says will reduce property values of some 70 million households by $502 billion, or at an average of $7,200 per homeowner.

This is so unfortunate and hopefully will end soon. I wish we were notified how many of the foreclosures were due to job losses, negative ammortization loans, stated income loans, 100% loans, etc. And, I wish the average loss for the homeowner in our area was $7,200.

Hopefully we will start seeing some sales that are not foreclosure or short sale so home values can be more accurate.

Posted by Joyce Windschitl - MN, FL, WI & CO Mortgage Consultant on 06/02/2009 03:29 PM

Comments (2)

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2 Comments on A new foreclosure starts every 13 seconds, equaling almost 6,500 a day.

JUN

First, we need to sell all of the REO listings. Take advantage of the opportunities for your home buyers. In future years, your clients will love you because you found the bargains for them.

Follow me on Twitter: http://twitter.com/roykelley

Roy -

Oh we are. One first timer received their $8,000 check last week and called me. The assessor had also called her. She paid $170,000. The minimum the assessor could go was $260,000. She said the check covered 90% of what she put into it. It could easily sell for $285,000-$300,000. I told her if she sells, she would have to pay back the $8,000 but it would be the quickest money she may ever make in her life. She is thrilled needless to say.

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