Foreclosures will increase 20% in 2011, with 1 in 84 homes in forclosure in Nevada
Housing still has some way to fall, even though every day CNBC is asking if we've hit a bottom. Forclosures are way up from last year and still climbing. The pipeline of delinquency, to default, to foreclosure is still growing. The foreclosures are like a python that has swallowed a goat. It takes a while to digest, and we are not even close to finished with the whole digestion. For that matter, it hasn't even completly swallowed the goat.
Nevada leads the way with 1 in 84 houses coming under foreclosure (see map below). Arizona and California are at just over 1 in 200. Vermont is actuall the best place in terms of not getting your home taken away with 1 in 20,841.
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The number of U.S. homes receiving a foreclosure filing will climb about 20 percent in 2011, reaching a peak for the housing crisis, as unemployment remains high and banks resume seizures after a slowdown, RealtyTrac Inc. said.
“We will peak in foreclosures and probably bottom out in pricing, and that’s what we need to do in order to begin the recovery,” Rick Sharga, RealtyTrac’s senior vice president, said in an interview at Bloomberg headquarters in New York. “But it’s probably not going to feel good in the process.”
A record 2.87 million properties got notices of default, auction or repossession in 2010, a 2 percent gain from a year earlier, the Irvine, California-based data seller said today in a report. The number climbed even after a plunge in filings in the last part of the year -- including a 26 percent drop in December -- as lenders came under scrutiny for their practices.
...Banks seized more than 1 million homes in 2010, according to RealtyTrac. That was up 14 percent from a year earlier and the most since the company began reports in 2005.
About 3 million homes have been repossessed since the housing boom ended in 2006, Sharga said. That number could balloon to about 6 million by 2013, when the housing market may “absorb the bulk of distressed properties,” he said.
...“What makes this almost inevitable is the fact there are 5 million seriously delinquent loans not yet in foreclosure,” Sharga said. “They’ve got to eventually get in the pipeline unless the homeowners cure the defaults.”