SAN FRANCISCO, Calif. — More than midway through 2009, BankForeclosuresSale.com reports that foreclosure filings are in the millions. When July 2008 foreclosure numbers are compared to July 2009, there is an increase of nearly 32 percent in foreclosure filings. And to date, BankForeclosuresSale reports that more than half of that activity has been reported in Nevada, California, Arizona and Florida.
“The increase in foreclosure filings can no longer be attributed solely to the subprime mortgage mess,” Simon Campbell, business analyst for BankForeclosuresSale.com, says. “There are several contributing factors that include: declining home values, rising fuel costs, a weakening economy and sluggish home sales. With all this going on, it’s not surprising that many homeowners are no longer able to afford their current mortgages.”
Even mortgage investors and other lenders are suffering from the high national foreclosure rate. Prices are being forced down just so loans can be cleared from the books.
And as we continue to move through 2009, BankForeclosuresSale.com predicts that the nation can expect a total of approximately 2.8 million homes in some state of foreclosure by the end of the year.
“While Obama’s housing rescue is gaining traction in changing terms of loans for struggling borrowers, it’s slow going,” Campbell says.
And, with the new housing rescue legislation to take effect in October, analysts and experts are saying that the next few months will be critical for the housing industry.
“Our hope is that home sales and home prices will begin to stabilize and we can begin working on the road to recovery,” Campbell adds. “There are some very good bargains to be had out there right now and confidence in the market is slowly returning.”
About BankForeclosuresSale
BankForeclosuresSale is a leading online foreclosure listings’ service that provides information and advice to real estate investors who range from beginners to experienced veterans. The foreclosure listing database has more than two million listings and updates are made daily.
Its staff of trained real estate professionals is available to assist people via e-mail 24 hours a day, seven days a week. Staff will guide people on how to become successful real estate investors.
