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Foreclosure on the rise

By ella tiu

Services for Real Estate Pros with The Machree Group

August 20, 2009 03:07 AM

Foreclosure Filings Rise 7% in July: RealtyTrac

By AUSTIN KILGORE
August 13, 2009 9:04 AM CST

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The number of foreclosure notices delivered to homeowners increased nearly 7% from June to July, and are up 32% from July 2008, according to Irvine, Calif-based RealtyTrac’s Foreclosure Market Report.

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 360,149 US properties during the month, about one in every 355 households.

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Roy Kelley

Retired - Gaithersburg, MD

We are seeing a strong volume of foreclosures in the Maryland suburbs of Washington DC. However, we are not seeing a large increase in the inventory of REO listings. It is obvious that the lenders are holding the properties rather than listing them for sale. The challenge will be to create an orderly flow of listings that will not disrupt the market.

This morning, there were 180 active REO listings in Montgomery County and 51 in Frederick County Maryland. This is the lowest REO inventory in some time.

Aug 20, 2009 03:21 AM