In the near future, it appears that foreclosures will not be goingaway. According to RealtyTrac, who released its Midyear 2010 U.S. Foreclosure Market Report, during the first quarter of 2010 nearly 1.65 million homes were subjected to a default notice, auction sale notice or bank repossession.
During the second quarter RealtyTrac reported:
"The second quarter was a tale of two trends,” said James J. Saccacio, chief executive officer of RealtyTrac. “The pace of properties entering foreclosure slowed as lenders pre-empted or delayed foreclosure proceedings on delinquent properties with more aggressive short sale and loan modification initiatives. Meanwhile the pace of properties completing the foreclosure process through bank repossession quickened as lenders cleared out a backlog of distressed inventory delayed by foreclosure prevention efforts in 2009.
Top 10 States Facing Foreclosure
The ten states facing the highest foreclosures for the year 2010 were:
1. Nevada with 1 in every 17 homes affected
2. Arizona with 1 in every 30 homes affected
3. Florida with 1 in every 32 homes affected
4. California with 1 in every 39 homes affected
5. Utah with one in every 52 homes affected
6. Georgia with one in every 56 homes affected
7. Michigan with one in every 58 homes affected
8. Idaho with one in every 59 homes affected
9. Illinois with one in every 62 homes affected
10. Colorado with one in every 71 homes affected
If you look back over the last year the foreclosure-related filings were down in many of these states, including Nevada, Florida, Arizona, California and Georgia. They were up in Utah, Michigan, Idaho, and Maryland.
Foreclosures in California
Living in California, I keep an eye on the foreclosure figures in our state. For the first half of 2010, foreclosure filings totaled 340,740. While this is a staggering figure, and not one taken lightly by those currently in or facing foreclosures in the near future, it is down 15 percent from the previous six months.
Please contact me if you are considering a foreclosure. If you know of anyone in this situation, please have them call me. I can help you to understand that there are alternatives to a foreclosure or loan modification, and I want to help.
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