Still think housing is bottoming? Neither yesterday’s existing home sales nor the latest batch of quarterly foreclosure numbers support that theory.
Look at these foreclosure facts from RealtyTrac, an online market of foreclosure properties, and decide for yourself:
Home foreclosure filings rose 14% sequentially in Q208 vs. Q108. This is smaller than the 23% increase between Q108 and Q407, which could be a sign of deceleration, but it’s the eighth straight jump.
More importantly, the year-over-year change in foreclosure filings continues to accelerate. Here are the year-over-year changes for the past four quarters: rose 121% from last year (Q208 vs. Q207)
Q2 2008: 121%
Q1 2008: 112%
Q4 2007: 86%
Q3 2007: 100%
Some more fun facts:
- 48 of 50 states and 95 out of the nation’s 100 largest metro areas experienced year-over-year increases in foreclosure activity in Q208
- Because foreclosure filings are growing so quickly, RealtyTrac will be raising its foreclosure forecast for the year: “We’ve been saying foreclosures will total 1.9 million to 2 million this year…but midway through the year, we’re already at 1.4 million so we’re going to be raising our projections.”
- “We’ve been saying foreclosures will total 1.9 million to 2 million this year…but midway through the year, we’re already at 1.4 million so we’re going to be raising our projections.”