SACRAMENTO, Calif. - (Business Wire) For the second consecutive month fewer homeowners lost their properties to foreclosure. In fact May foreclosures dropped 11.98% from April. The number of homeowners facing pre-foreclosure also was down again -- 8.89% from April, according to California-based ForeclosureS.com, the original foreclosure information specialists. ForeclosureS.com, with an expanded data base of more than 5.5 million property listings, has been the professional’s source for accurate foreclosure property information for more than 20 years. The company bases its analysis on the number of formal notices filed against a property during the foreclosure process. That can include notice of default, notice of foreclosure auction, and/or notice of REO foreclosure (lender-owned real estate that occurs after a foreclosed property fails to sell at auction and reverts back to the lender). “The numbers support what I’ve been saying for a while – the housing market is not as bad as what you hear,” says Alexis McGee, foreclosure information expert, educator, and president of ForeclosureS.com. “The market is showing signs of forming a bottom as supply catches up with demand because fewer new homes are being built and buyers are flocking back into a much more affordable market. Yes there are tons of foreclosures glutting our inventory, but foreclosures are not increasing as many believe. And for the many homeowners who have already defaulted, efforts by government and industry helping homeowners work out their mortgage problems appear to be paying off,” says McGee, author of The ForeclosureS.com Guide to Advanced Investing Techniques You Won't Learn Anywhere Else (Wiley) (http://www.amazon.com), and The ForeclosureS.com Guide to Investing in Pre-foreclosures Without Selling Your Soul (Wiley). “Of course we’re far from out of the woods,” she adds. “Despite the positive news, year-to-date 4.6 of every 1,000 households nationwide were repossessed by their lenders (353,621 total REOs YTD, up 68.36% from 210,033 filings YTD 2007). Month over month May’s 65,754 REO filings were down 16.02% from March numbers. Also YTD, 11.7 out of every 1,000 households faced pre-foreclosure (854,923 pre-foreclosure filings YTD, up 80.01% from 474,929 YTD 2007). But month-to-month numbers were more positive. May had 161,146 pre-foreclosure filings, down 16.63% from March,” says McGee. “Even with first-quarter mortgage delinquency rates from the Mortgage Bankers Association at a seasonally adjusted 6.35% of all loans outstanding (loans in foreclosure aren’t included), which is the highest recorded by the MBA since 1979, today’s more current ForeclosureS.com numbers which include April and May indicate a brightening foreclosure picture. We just may have turned the corner,” adds McGee. Let’s look at more numbers from ForeclosureS.com: - January-May 2008 -- States with the most REO filings YTD:
| State | | Filings | | Per Household | | California | | 88,687 | | 0.77 % | | Arizona | | 30,979 | | 1.63 % | | Florida | | 30,885 | | 0.49 % | | Texas | | 26,183 | | 0.44 % | | Michigan | | 23,575 | | 0.79 % | | Ohio | | 17,758 | | 0.46 % | | Georgia | | 17,385 | | 0.83 % | | Colorado | | 14,059 | | 0.89 % | | Nevada | | 10,760 | | 1.46 % | | Illinois | | 10,220 | | 0.27 % | - January-May 2008 -- States with the most Pre-Foreclosure filings YTD:
| State | | Filings | | Per Household | | Florida | | 203,250 | | 3.21 % | | California | | 197,787 | | 1.72 % | | Arizona | | 67,960 | | 3.60 % | | Illinois | | 40,978 | | 1.07 % | | New Jersey | | 37,182 | | 1.21 % | | Texas | | 29,061 | | 0.55 % | | Nevada | | 28,255 | | 3.80 % | | Georgia | | 25,595 | | 0.93 % | | New York | | 21,425 | | 0.45 % | | Colorado | | 18,088 | | 1.13 % | - Month to Month 2008 -- REO filings by Region YTD:
| Region | | Households | | January | | February | | March | | April | | May | | Totals | | Per Household | | Midwest | | 16,188,059 | | 16,560 | | 13,955 | | 17,463 | | 15,230 | | 12,270 | | 75,478 | | 0.47 % | | Southeast | | 17,241,813 | | 15,645 | | 14,054 | | 19,565 | | 16,205 | | 15,773 | | 81,242 | | 0.47 % | | Northeast | | 16,901,489 | | 2,558 | | 2,643 | | 2,964 | | 3,482 | | 2,205 | | 13,852 | | 0.08 % | | Southwest | | 27,468,097 | | 33,064 | | 36,185 | | 38,231 | | 39,730 | | 35,400 | | 182,610 | | 0.66 % | | Other States | | 571,142 | | 113 | | 89 | | 76 | | 55 | | 106 | | 439 | | 0.08 % | | Nationwide | | 78,370,600 | | 67,940 | | 66,926 | | 78,299 | | 74,702 | | 65,754 | | 353,621 | | 0.45 % | - Month to Month 2008 -- Pre-Foreclosure filings by Region YTD:
| Region | | Households | | January | | February | | March | | April | | May | | Totals | | Per Household | | Midwest | | 11,622,253 | | 17,489 | | 15,838 | | 19,711 | | 16,370 | | 18,507 | | 87,915 | | 0.76 % | | Southeast | | 17,983,744 | | 51,449 | | 52,738 | | 60,057 | | 59,071 | | 55,943 | | 279,258 | | 1.55 % | | Northeast | | 17,428,745 | | 20,353 | | 21,768 | | 24,570 | | 20,454 | | 17,879 | | 105,024 | | 0.60 % | | Southwest | | 26,950,165 | | 73,267 | | 70,042 | | 88,455 | | 80,591 | | 68,378 | | 380,733 | | 1.41 % | | Other States | | 582,685 | | 249 | | 414 | | 499 | | 392 | | 439 | | 1,993 | | 0.34 % | | Nationwide | | 74,567,592 | | 162,807 | | 160,800 | | 193,292 | | 176,878 | | 161,146 | | 854,923 | | 1.15 % | For expert commentary and in person interviews please contact Alexis McGee, President, ForeclosureS.com at alexis@foreclosures.com or call 800-310-7730 x122. Please visit our site for more detailed Foreclosure Statistics for your state or county: http://www.foreclosures.com/stats/. For help using our Statistics Pages please contact support@foreclosures.com or call 800-310-7730 x3. ForeclosureS.com
Alexis McGee, President, 916-860-1122
alexis@foreclosureS.com
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