Record Number Of Foreclosures

May 13. 2009

President Barack Obama

U.S. homes have lost a tremendous amount of their value. Foreclosure filings by banks continue to surge. Not a good combo. The government intervention is not working in this matter and requires revision.

U.S. Foreclosure Filings Hit Record for Second Straight Month

May 13 (Bloomberg) -- Foreclosure filings in the U.S. rose to a record for the second consecutive month in April as banks increased efforts to seize homes from delinquent borrowers.

A total of 342,038 properties received a default or auction notice or were seized last month, RealtyTrac Inc. of Irvine, California, said today in a statement. One in 374 households got a filing, the highest monthly rate since the property data service began issuing such reports in 2005.

http://www.bloomberg.com

Home Prices in U.S. Drop Most on Record in Quarter (Update3)

May 12 (Bloomberg) -- Home prices in the U.S. dropped the most on record in the first quarter from a year earlier, led by California and Florida, as banks sold foreclosed properties.

The median price fell 14 percent to $169,000, the National Association of Realtors said today. Prices dropped in 134 of 152 metropolitan areas, with the deepest declines in Cape Coral and Ft. Myers, Florida, followed by San Francisco and San Jose.

http://www.bloomberg.com

Foreclosures Hit Yet Another Record High, RealtyTrac Reports

May 13, 2009, 12:01 AM ET - Foreclosure filings broke another record in April, according RealtyTrac’s monthly report released Wednesday.

Filings — default notices, auction sale notices and bank repossessions — were reported on 342,038 properties, a 32% jump from a year earlier. One in every 374 housing units received a filing last month, the highest monthly rate since RealtyTrac started its report in January 2005.

http://blogs.wsj.com