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Friday, June 13, 2008

RealtyTrac: Foreclosures Continue to Rise

by Calculated Risk on 6/13/2008 09:21:00 AM

From Bloomberg: Foreclosures Rise 48% in May as U.S. Bank Repossessions Double

One in every 483 U.S. homeowners lost their houses to foreclosure or received either a default warning or notice that their home would go up for sale at auction, RealtyTrac said.
The number of national foreclosure filings grew 7 percent from April, according to RealtyTrac.
Lenders took possession of 73,794 houses in May, more than doubling the 28,548 REOs in May 2007, RealtyTrac said. That pushed total REOs to more than 700,000, RealtyTrac said.
Foreclosures will account for 30 percent of national home sales this year as 1.2 million foreclosed single-family homes will eventually enter the market, [Michelle Meyer and Ethan Harris, economists at Lehman Brothers] said.
Update: here are the actual stats from RealtyTrac (hat tip many)

The total REOs available increasing to 700,000 is a key number, as is the estimate that foreclosures will account for 30% of sales this year.

The beat goes on ...