The 2008 US foreclosure index report, which has been released last January 14 by Foreclosures.com has proven a really bad situation of the housing industry in 2008; and this could actually get even worse for 2009.
The said website bases its analysis on formal notices that were filed against a property within a foreclosure process, including notices of default, foreclosure auction, and REOs, which is after a foreclosed property remains unsold at an auction.
In the report, Florida topped in the number of foreclosure filings in 2008, having 549,414. On the second spot was California with 453,421, and Arizona on the third spot with 120,066.
Also, Florida ranked second for REOs with 107,833. While California topped with 260,709 REO filings, and Texas on the third spot with 70,037.
Among all the states, about a million homes got foreclosed in 2008, about 63.5 percent from 2007; plus an addition of 2.1 million pre-foreclosure filings in last year’s records was up by 62 percent from 2007.
On the other hand, another website RealtyTrac.com has reported that it was California tat topped the nation when it comes to the number of foreclosure filings. Its figures showed 523,624 foreclosure filings for California. However, the highest rates went to Nevada having one foreclosure in 14 housing units. Next was Florida and Arizona, both with one in 22.
RealtyTrac uses the same measures Foreclosure.com uses: default notices, REOs, and auction sale notices. Of the 100 largest metro areas in the United states, it was Stockton, California that had the highest foreclosure rate—one in 11.
The date of RealtyTrac showed an 81% increase in foreclosures in 2008 from that of 2007, almost something like that of Foreclosure.com.
Given the report of both sources, a weak housing economy can be foreseen for year 2009. Higher number of foreclosed properties can still be expected so effective government action is very much needed.
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