Foreclosure Statistics
Foreclosure statistics are changing on a daily basis at the time of this writing. In 07, 450,000 people lost their homes to foreclosure. This is from a recent government report. That is up 50% from the previous years total in 2006.
Overall foreclosure filings were up about 97% from the month of December alone. For the complete year, overall filings - that also include all default notices and filings, auction notices and bank repossessions- expanded by 75%.
In fact, as much as 1% of the American homeowners were in default or foreclosure at some point in 2007. This may not seem like a lot at first glance, but again, it is a near double of previous years.
There are expected to be areas of the country that will see more foreclosure than other areas.Hard hit areas include Nevada, Arizona and Florida. However, none of the country is exempt from problems with foreclosure. Many state in the country still surprise experts with the level of foreclosure problems.
In California, almost 70,000 people lost their homes to the foreclosure process. Likewise, in Michigan. 50,000 families lost their dwellings to the same predicament. Nevada and Las Vegas felt the sting, with over 10,000 feeling the effects of the ballooning foreclosure problem.
A hot spot in '07, California had a total of 250,000 foreclosures. We all await the 2008 numbers to see if the problem has increased. Florida is also an area that remains to be seen
There are different estimates on when the 'bottom' of the foreclosure crisis is upon us. It may take several more cycles to see much of a change in the levels.
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