Jul 17 2009
U.S. Foreclosure Filings Rise to 1/84 Housing Units in First-Half 2009
An article titled ‘Foreclosures Rise’ says that according to RealtyTrac (described as the online marketplace for foreclosure properties) 1 in 84 U.S. housing units received at least one foreclosure filing in the first half of 2009, up 15% year/year. This strikes me as an unconscionable number, being 1.2% of all housing units, but at the same time I am surprised that the year/year increase isn’t greater. I think the more useful statistic would be the amount in absolute $ that the average U.S. foreclosed housing unit is fetching in mid-2009 versus what it fetched in mid-2008. That would provide an indicator of the increased losses that are being incurred on foreclosed properties by lenders.
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