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Foreclosure Inventories Increase Even as Defaults Decline
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FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Foreclosure Inventories Increase Even as Defaults Decline
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Foreclosure Inventories Increase Even as Defaults Decline

June 17, 2011 (Jeff Alan)

The inventory of unsold bank Real Estate Owned (REO) properties continues to increase even as year-over-year foreclosure activity continues to decline according to the latest data from RealtyTrac’s Foreclosure Market Report, which cites weak buyer demand as the main culprit.

Foreclosure filings, which consist of default notices, scheduled auctions and bank repossessions, decreased by 2 percent from April to May 2011, as 214,927 U.S. properties received a foreclosure filing in May. Compared to May 2010, that’s a whopping 33 percent decline.

“The inventory of properties in the foreclosure process has declined steadily over the past six months — thanks in large part to16 consecutive months of year-over-year declines in new default notices — the inventory of unsold bank-owned REOs increased in April and May even as new REO activity slowed in both of those months,” Saccacio continued. “That points to continued weak demand from buyers, making it tough for lenders to unload their REO inventory. Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each month.”

States that use non-judicial foreclosure proceedings continued to dominate the amount of foreclosure activity, accounting for two-thirds of the national total. A total of 141,328 properties in non-judicial states received a foreclosure filing in May compared to 73,579 in states that utilize judicial foreclosure proceedings.

Nevada, Arizona, and California continued to lead the country in foreclosure filings. Nevada has held the number one rank for 53 straight months with one in every 103 housing units receiving a foreclosure filing in May. Arizona was second with one in every 210, followed by California (one in every 259), Michigan (one in every 311), and Utah (one in every 365).

In sheer numbers, five states accounted for a total of 51 percent of all foreclosure filings led by California with 51,906, Florida with 19,192, Michigan with 14,614, Arizona with 13,122, and Nevada with 11,039 properties receiving foreclosure filings in the month of May.

Based on foreclosure type, 58,797 properties received default notices, 89,251 properties were scheduled for auction, and 66,879 properties were repossessed by lenders in May.

Tags: RealtyTrac, foreclosure filings, default notices, scheduled auctions, repossessions, foreclosure process, weak buyer demand, non-judicial, judicial

Source:
RealtyTrac

INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
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A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
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June 17, 2011 (Jeff Alan)

The inventory of unsold bank Real Estate Owned (REO) properties continues to increase even as year-over-year foreclosure activity continues to decline according to the latest data from RealtyTrac’s Foreclosure Market Report, which cites weak buyer demand as the main culprit.

Foreclosure filings, which consist of default notices, scheduled auctions and bank repossessions, decreased by 2 percent from April to May 2011, as 214,927 U.S. properties received a foreclosure filing in May. Compared to May 2010, that’s a whopping 33 percent decline.

“The inventory of properties in the foreclosure process has declined steadily over the past six months — thanks in large part to16 consecutive months of year-over-year declines in new default notices — the inventory of unsold bank-owned REOs increased in April and May even as new REO activity slowed in both of those months,” Saccacio continued. “That points to continued weak demand from buyers, making it tough for lenders to unload their REO inventory. Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each month.”

States that use non-judicial foreclosure proceedings continued to dominate the amount of foreclosure activity, accounting for two-thirds of the national total. A total of 141,328 properties in non-judicial states received a foreclosure filing in May compared to 73,579 in states that utilize judicial foreclosure proceedings.

Nevada, Arizona, and California continued to lead the country in foreclosure filings. Nevada has held the number one rank for 53 straight months with one in every 103 housing units receiving a foreclosure filing in May. Arizona was second with one in every 210, followed by California (one in every 259), Michigan (one in every 311), and Utah (one in every 365).

In sheer numbers, five states accounted for a total of 51 percent of all foreclosure filings led by California with 51,906, Florida with 19,192, Michigan with 14,614, Arizona with 13,122, and Nevada with 11,039 properties receiving foreclosure filings in the month of May.

Based on foreclosure type, 58,797 properties received default notices, 89,251 properties were scheduled for auction, and 66,879 properties were repossessed by lenders in May.

Tags: RealtyTrac, foreclosure filings, default notices, scheduled auctions, repossessions, foreclosure process, weak buyer demand, non-judicial, judicial

Source:
RealtyTrac

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

June 17, 2011 (Jeff Alan)

The inventory of unsold bank Real Estate Owned (REO) properties continues to increase even as year-over-year foreclosure activity continues to decline according to the latest data from RealtyTrac’s Foreclosure Market Report, which cites weak buyer demand as the main culprit.

Foreclosure filings, which consist of default notices, scheduled auctions and bank repossessions, decreased by 2 percent from April to May 2011, as 214,927 U.S. properties received a foreclosure filing in May. Compared to May 2010, that’s a whopping 33 percent decline.

“The inventory of properties in the foreclosure process has declined steadily over the past six months — thanks in large part to16 consecutive months of year-over-year declines in new default notices — the inventory of unsold bank-owned REOs increased in April and May even as new REO activity slowed in both of those months,” Saccacio continued. “That points to continued weak demand from buyers, making it tough for lenders to unload their REO inventory. Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each month.”

States that use non-judicial foreclosure proceedings continued to dominate the amount of foreclosure activity, accounting for two-thirds of the national total. A total of 141,328 properties in non-judicial states received a foreclosure filing in May compared to 73,579 in states that utilize judicial foreclosure proceedings.

Nevada, Arizona, and California continued to lead the country in foreclosure filings. Nevada has held the number one rank for 53 straight months with one in every 103 housing units receiving a foreclosure filing in May. Arizona was second with one in every 210, followed by California (one in every 259), Michigan (one in every 311), and Utah (one in every 365).

In sheer numbers, five states accounted for a total of 51 percent of all foreclosure filings led by California with 51,906, Florida with 19,192, Michigan with 14,614, Arizona with 13,122, and Nevada with 11,039 properties receiving foreclosure filings in the month of May.

Based on foreclosure type, 58,797 properties received default notices, 89,251 properties were scheduled for auction, and 66,879 properties were repossessed by lenders in May.

Tags: RealtyTrac, foreclosure filings, default notices, scheduled auctions, repossessions, foreclosure process, weak buyer demand, non-judicial, judicial

Source:
RealtyTrac

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?
DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?
WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?
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CALCULATE YOUR MORTGAGE PAYMENT
BENEFITS OF REFINANCING YOUR MORTGAGE
ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

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