Wednesday, August 22, 2007

Foreclosures climb higher in July

A report by online service RealtyTrac shows that foreclosures increased 9% from June, a 93% jump from July 2006. While RealtyTrac data may be overstating results somewhat, it still represents the current trend well. RealtyTrac increased its forecast for foreclosure activity this year: now it predicts a 60% jump from 2006 levels as opposed to its earlier estimate of 33%. The number of foreclosures expected is about 2 million, while Moody’s predicts 2.5 million defaults in 2007.

5 states – California, Florida, Michigan, Ohio and Georgia – accounted for more than 50% of all foreclosures, while Nevada had the highest rate of foreclosures with one filing for every 199 households, more than 3 times the average nationwide rate of 1 filing for 693 households. 7 states, including Utah, Oklahoma, New Mexico and Rhode Island, actually reported year-over-year declines in foreclosure activity.

1 comment:

Anonymous said...

Beware of short sale specialist's who promise you the world but instead could leave your life destroyed.

Recently a friend (so I thought) of mine told me that she was a short sale specialist and that she could help me with my home. I was only a little over month behind due to some excessive bills that I had at the time. Rather than letting me know that I could catch up on the back payments,
she told me that she would help me do a short sale by purchasing my home. She said that she would negotiate with the bank to try and get me 50 cents on the dollar for my house. Her payment for helping me would be $20,000. Otherwise, I was told, I would loose my home to foreclosure. She told me I could not trust any other short sale specialist and she was doing short sales to help people and not for the money.

From the beginning she told me she was licenced, had a team of people behind her as support, had a high powered lawyer to turn to, had already qualified for my house and last but not least, I did not have to continue to make any payments to my mortgage company. None of that was true. Over the following weeks things only got worse. At that point and time I felt I was at her mercy knowing that she had lied to me, did not know what she was doing, but had little recourse on solving the situation.

If it were not for retaining a lawyer, I would have lost everything. Less than one week before my home was to go into full foreclosure my friend said that she was going to purchase my home. Only three days before, she left a cold message on my phone saying that she had decided not go through with it. Thankfully, the lawyer was able to work out some extra time for the back payments (and fees associated with it) to be paid and my house was saved.

I felt anger, betrayal and disgust at the total disregard she had for me and my well being. This is a woman who she herself had lost a home to foreclosure a few years ago due to divorce. I could not understand how she could not only be unfeeling to the terrible situation she put me in, but didn't even have the decency to apologize for the pain and suffering I have endured because of her.

It is now my mission to inform as many people as possible to the unknowledgeable, inexperienced and unlicenced people who are taking advantage of others who are vulnerable.