According to the recently released input of Foreclosure.Com - a foreclosure data service provider from Fair Oaks - foreclosure counts in eleven states reached three-digit figures in August, opposite to final year’s documents.

In August, lenders took absent 355,623 homes from homeowners as a direct outcome of foreclosure, according to the analysis of REO filings done by the company.

REO, plus know as real estate owned filings, are the final step of foreclosure proceedings. REO take place when the banks or the mortgage provider files for reclaiming the property for non-payments of the loan by the homeowner.

Foreclosure.Com released their goods final week confirming that that year, eleven states experienced triple digit increments in REO filings compared to the same date final year.

In August, REO filings increased in places like California - a 472 percent increment in filings; Nevada - filings up by 193 percent; Arizona - 217 percent increment in filings; New Mexico - filings up by 156 percent; Florida - filings up by 142 percent; Hawaii- filings increased by 137 percent; New Hampshire - filings went up by 120 percent, and final but not least, in Minnesota - filings went up by 112 percent.

The number of folks losing their homes to foreclosure on a per capita basis are: Louisiana with 14.3 homeowners for every 1,000

households in the region; Michigan with 11.2 homeowners out of 1000 households; Nevada with 12 homeowners per 1000; Colorado with 9.6 homeowners for every 1000 households; Indiana with 8.5 homeowners for every 1000 households; Ohio with 7.5 homeowners per 1000 households; Georgia with 9.8 homeowners for every 1000 households and Missouri with 7.6 homeowners for every 1000 households.

However, in the list of REO filings, Costilla County has the highest number of homes lost that year on a per capita basis. The numbers were a shocking 257 homeowners for every 1000 households. Still, whether we see just the input of Costilla County, that figure is lower by 32.5 percent in the same period final year in the county.

An increase in the pre-foreclosure filings i.e. default notices and notices of foreclosure auction, is regular across the country. As per the input of Foreclosure.Com, the company believes that whether the current situation continues further, soon after the number of homeowners losing their homes to foreclosure will cross 1 million in the US by that year end.

So far, in that year, the company notified 731,241 pre-foreclosures filings across the nation. that suggests that about 10 homeowners out of every 1000 households are distressed financially with their loan amount.

Original post by bhaveshbhatia

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