Foreclosures Up by 7 Percent During First Quarter

| From
foreclosure listings industry

MIAMI, Fla. (SEND2PRESS NEWSWIRE) -- Bank Foreclosures Sale, an online leader in the foreclosure listings and information industry, reported new statistics for the first quarter show foreclosures are up 7% from the most recent quarter, and almost 16% from the first quarter of 2009. While the first two months of the year saw relatively low foreclosures, filings surged 19% in March, largely accounting for the overall quarterly increase.

But breaking down the statistics does show positive signs for the future, especially since Default Notices, which mark new foreclosures, are down 1% from the first quarter of 2009. However, over the same period of time, bank repossessions were up a staggering 36%.

"A repossession is usually the final stage of a foreclosure," remarked Simon Campbell, a business analyst with Bank Foreclosures Sale. "The properties are repossessed, and then sold off from there. So, now the banks and lenders have a huge supply of REO homes to deal with. This is great news for buyers, because a big supply means low prices, and the banks are really looking to get these homes off their hands. I wouldn't be surprised if we see average sale prices really drop in the coming months."

The top 3 states for first quarter foreclosure homes rates were Nevada, Arizona, and Florida, although Arizona's current rate is actually down 16% from the first quarter of 2009. Only one other state in the Top 10 saw a decline year over year, and that was California, down 6%. Utah, a relative newcomer to the top ten, saw the biggest year over year increase at roughly 75%, followed by Idaho, which rose 48%. California saw the largest number of new defaults in the first quarter by far, with over 83,500. The next closest was Nevada, followed by Michigan. Colorado is still seeing increases as well, hanging on to the number 10 spot with a 27% rise in foreclosures from the first quarter of 2009.

Georgia had the highest foreclosure property increase from the final quarter of 2009, at 30%. Idaho and Illinois saw the only decreases from last quarter, at 13.5% and 6.5%, respectively.

Visit Bank Foreclosures Sale ( to stay informed about developments in the foreclosure marketplace that can affect how you buy and invest, as well as to browse foreclosure listings in your area.

News Source:
Like, Share, Save this press release:
  TWEET   SHARE   G+   PIN IT   STUMBLE   LinkedIn   Instapaper   Buffer

The content of the above press release was provided by the “news source” (Bank Foreclosures Sale) or authorized agency, who is solely responsible for its accuracy. Send2Press® is the originating wire service for this story and content is Copr. © 2010 Bank Foreclosures Sale with newswire version Copr. © 2010 Send2Press (a service of Neotrope). All trademarks acknowledged.

Rights granted for reproduction by any legitimate news organization. However, if news is cloned/scraped verbatim, then original attribution must be maintained with link back to this page as “original syndication source.” Resale of this content for commercial purposes is prohibited without a license. Reproduction on any site selling a competitive service is also prohibited. Information is believed accurate, as provided by news source or authorized agency, however is not guaranteed, and you assume all risk for use of any information found herein/hereupon. This work is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License.
STORY READS for this single page only, as of Oct 25 2016:
[ count retired 8.4.16 ]

Real Estate, Miami Business, or: Search

back to top
REFERENCES: foreclosure listings industry, REO homes listing, Bank Foreclosures Sale, online leader in the foreclosure listings and information industry, new statistics for the first quarter show foreclosures are up, Simon Campbell, a business analyst, huge supply of REO homes, average sale prices, Georgia had the highest foreclosure property increase, news, press release from Bank Foreclosures Sale, Apr 19, 2010, Real Estate, Real Estate, , Miami, Florida, Foreclosures Up by 7 Percent During First Quarter