RealtyTrac Foreclosure Report June
Inside the number: 252K or 1 in 505; -3%; Yoy +53%;
Yoy defaults +38%; auctions +22%; REO's +171%; showing that we are nowhere near a peak.
2nd straight month in excess of 250K. About $3.5 trillion in homeowner equity has been wiped out since the spring of 2006.
Rick Sharga, RealtyTrac's vice president of marketing:
"We'll have 1 million bank-owned properties by the end of the year. That will represent between one-fourth and one-third of all home sales."
Mark Zandi, chief economist for Moody's Economy.com:
"The foreclosure problem is getting worse and will stay with us well into the next decade. The job market is eroding and homeowners have less equity.
Lenders are much less willing to work with you if you've got negative equity, and you're more likely to give up your house if you're deeply underwater."
Peter Navarro, professor of economics and public policy at the University of California at Irvine,
"The housing beyond the sprawl is going to suffer another serious leg down because of high oil prices.
A lot of people went out there to get cheaper homes, but this is going to take a big bite out of their mortgage."
Full Report
Yoy defaults +38%; auctions +22%; REO's +171%; showing that we are nowhere near a peak.
2nd straight month in excess of 250K. About $3.5 trillion in homeowner equity has been wiped out since the spring of 2006.
Rick Sharga, RealtyTrac's vice president of marketing:
"We'll have 1 million bank-owned properties by the end of the year. That will represent between one-fourth and one-third of all home sales."
Mark Zandi, chief economist for Moody's Economy.com:
"The foreclosure problem is getting worse and will stay with us well into the next decade. The job market is eroding and homeowners have less equity.
Lenders are much less willing to work with you if you've got negative equity, and you're more likely to give up your house if you're deeply underwater."
Peter Navarro, professor of economics and public policy at the University of California at Irvine,
"The housing beyond the sprawl is going to suffer another serious leg down because of high oil prices.
A lot of people went out there to get cheaper homes, but this is going to take a big bite out of their mortgage."
Full Report
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