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How Many Residential Foreclosures are Predicted for 2010 - 2013?
(CO)

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David Posted: 2 Dec 2009 05:38 AM

What is the overall number of foreclosures that should occur in the US over the next four years?

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darenb replied on 2 Dec 2009 11:18 AM

RealtyTrac is projecting around 3.9 million properties will receive foreclosure filings in 2010, up from somewhere around 3 million this year (that is also a projection) and 2.3 million in 2008. We believe the numbers will peak in 2010, but that doesn't mean we'll see a quick drop off in the following years. The pattern developing now is the "extend and pretend" model of pushing many foreclosure actions down the road, and if that pattern continues we'll see historically high foreclosure levels continue possibly as far as into 2013.

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appraisermh replied on 15 Jan 2010 08:41 AM

I understand that RealtyTrac does not collect data and report foreclosure information for many rural areas.  Do you have recommendations as to how we real estate professionals realtors and appraisers)  in these rural areas can get this data, especially as relates to better informing our lender clients regarding market conditions?

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darenb replied on 15 Jan 2010 09:43 AM

Although RealtyTrac data does cover counties that account for more than 92 percent of the total U.S. population, there are some counties with no data coverage. I would suggest that in most of these non-covered counties, there is a very small number of foreclosures happening, but you may be able to find out by checking at the county recorder's office (if the state is a non-judicial foreclosure state) or that the county clerk of the courts office (if the state is a judicial foreclosure state) to pull the relevant foreclosure notices.

To double check if RealtyTrac has data in a certain county you can go to the RealtyTrac Trend Center (http://www.realtytrac.com/trendcenter/) and drill down to the county using the heat map, or just type the county name and state in the main search bar at the top of all RealtyTrac pages and click the "Trends" sub tab.

 

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Nashville Grant replied on 15 Jan 2010 10:16 AM

I read over 21 million in the WSJ back in the last week of December.

Grant Hammond, Broker, ABR

Grant is a Nashville real estate expert & 27 award winning Broker.

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TerryJo replied on 19 Jan 2011 12:26 PM
All the rules have changed in the last couple of months. Lending banks are now being held accountable for the trap they set, borrowing money they didn't themselves have, while using loose and illegal practices in the process. The massive lawsuit against Wells Fargo / Wachovia, Indymac / OneWest bank, Citibank, Bank of America, JP Morgan Chase, GMAC..............can actually, not only put a stop to your foreclosure, but also pause your house payments with no loss to you............ https://sites.google.com/site/sueyourlendernow/
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