SacramentoHousingBubble

 
Home Inventories (Supply) in the 4 County Greater Sacramento Area

(1993 to 2005)

El Dorado Placer Sacramento Yolo Total
                   
# of
Homes
%
Chg
# of
Homes
%
Chg
# of
Homes
%
Chg
# of
Homes
%
Chg
# of
Homes
%
Chg
4/30/1993                 11604  
4/30/1994 1395 0.00% 1682 0.00% 6739 0.00% 628 0.00% 10444 0.00%
4/30/1995 1400 0.36% 1700 1.07% 6600 -2.06% 628 0.00% 10328 -1.11%
4/30/1996 1400 0.36% 1675 -0.42% 5800 -13.93% 615 -2.07% 9490 -9.13%
4/30/1997 1350 -3.23% 1600 -4.88% 5400 -19.87% 615 -2.07% 8965 -14.16%
4/30/1998 1150 -17.56% 1200 -28.66% 4400 -34.71% 615 -2.07% 7365 -29.48%
4/30/1999 1000 -28.32% 1100 -34.60% 4000 -40.64% 200 -68.15% 6300 -39.68%
4/30/2000 650 -53.41% 800 -52.44% 2800 -58.45% 100 -84.08% 4350 -58.35%
4/30/2001 650 -53.41% 1000 -40.55% 2800 -58.45% 50 -92.04% 4500 -56.91%
4/30/2002 650 -53.41% 1025 -39.06% 2250 -66.61% 50 -92.04% 3975 -61.94%
4/30/2003 650 -53.41% 1050 -37.57% 2300 -65.87% 225 -64.17% 4225 -59.55%
4/30/2004 625 -55.20% 650 -61.36% 1700 -74.77% 200 -68.15% 3175 -69.60%
4/30/2005 594 -57.42% 1070 -36.39% 2545 -62.23% 214 -65.92% 4423 -57.65%
                     
5/31/2005                 5290 -49.35%
6/30/2005                 6246 -40.20%
7/31/2005                 7263 -30.46%
8/31/2005 989 8.44% 1,619 9.69% 5,082 18.91% 463 11.84% 8,153 15.22%
9/30/2005 1,085 18.97% 1,803 22.15% 5,815 36.06% 581 40.34% 9,284 31.20%
10/31/2005 1,225 34.32% 2,094 41.87% 6,940 62.38% 667 61.11% 10,926 54.41%
11/30/2005 1,260 38.16% 2,216 50.14% 7,450 74.31% 690 66.67% 11,616 64.16%
12/31/2005 1,110 21.71% 1,869 26.63% 6,497 52.01% 585 41.30% 10,061 42.18%
1/31/2006 1,182 29.61% 1,958 32.66% 6,959 62.82% 594 43.48% 10,693 51.12%
2/28/2006 1,236 35.53% 2,167 46.82% 7,300 70.80% 642 55.07% 11,345 60.33%
3/31/2006 1,175 28.84% 2,284 54.74% 7,426 73.75% 670 61.84% 11,555 63.30%
4/30/2006 1,329 45.72% 2,546 72.49% 8,138 90.41% 732 76.81% 12,745 80.12%
5/31/2006 1,593 74.67% 3,016 104.34% 9,328 118.25% 885 113.77% 14,822 109.47%
6/30/2006 1,705 86.95% 3,254 120.46% 10,412 143.61% 958 131.40% 16,329 130.77%
7/31/2006 1,874 105.48% 3,511 137.87% 11,352 165.61% 1,043 151.93% 17,780 151.27%
                     
Inventory Changes Beginning 8/3/2006
El Dorado Placer Sacramento Yolo Total
                     
8/3/2006 1,857 103.62% 3,520 138.48% 11,333 165.16% 1,060 156.04% 17,770 151.13%
8/4/2006 1,858 103.73% 3,521 138.55% 11,369 166.00% 1,055 154.83% 17,803 151.60%
8/5/2006 1,866 104.61% 3,540 139.84% 11,499 169.05% 1,052 154.11% 17,957 153.77%
8/6/2006 1,864 104.39% 3,545 140.18% 11,514 169.40% 1,052 154.11% 17,975 154.03%
8/7/2006 1,859 103.84% 3,532 139.30% 11,490 168.83% 1,049 153.38% 17,930 153.39%
8/8/2006 1,865 104.50% 3,536 139.57% 11,473 168.44% 1,049 153.38% 17,923 153.29%
8/9/2006 1,860 103.95% 3,529 139.09% 11,473 168.44% 1,066 157.49% 17,928 153.36%
8/10/2006 1,859 103.84% 3,536 139.57% 11,496 168.98% 1,066 157.49% 17,957 153.77%
8/11/2006 1,871 105.15% 3,535 139.50% 11,499 169.05% 1,069 158.21% 17,974 154.01%
8/12/2006 1,883 106.47% 3,574 142.14% 11,593 171.24% 1,068 157.97% 18,118 156.05%
8/13/2006 1,878 105.92% 3,580 142.55% 11,584 171.03% 1,063 156.76% 18,105 155.86%
8/14/2006 1,872 105.26% 3,571 141.94% 11,568 170.66% 1,059 155.80% 18,070 155.37%
8/16/2006 1,872 105.26% 3,528 139.02% 11,501 169.09% 1,055 154.83% 17,956 153.76%
8/17/2006 1,876 105.70% 3,531 139.23% 11,541 170.03% 1,045 152.42% 17,993 154.28%
8/19/2006 1,871 105.15% 3,526 138.89% 11,557 170.40% 1,037 150.48% 17,991 154.25%
8/21/2006 1,866 104.61% 3,535 139.50% 11,555 170.35% 1,034 149.76% 17,990 154.24%
8/23/2006 1,849 102.74% 3,517 138.28% 11,505 169.19% 1,038 150.72% 17,909 153.09%
8/25/2006 1,845 102.30% 3,498 136.99% 11,517 169.47% 1,037 150.48% 17,901 152.98%
8/26/2006 1,841 101.86% 3,495 136.79% 11,514 169.40% 1,041 151.45% 17,891 152.84%
8/27/2006 1,843 102.08% 3,487 136.25% 11,513 169.37% 1,042 151.69% 17,885 152.76%
8/30/2006 1,856 103.51% 3,487 136.25% 11,395 166.61% 1,047 152.90% 17,785 151.34%
8/31/2006 1,843 102.08% 3,488 136.31% 11,343 165.40% 1,049 153.38% 17,723 150.47%
           
El Dorado Placer Sacramento Yolo Total
           
9/1/2006 1,823 99.89% 3,457 134.21% 11,193 161.89% 1,033 149.52% 17,506 147.40%
9/2/2006 1,845 102.30% 3,483 135.98% 11,225 162.63% 1,033 149.52% 17,586 148.53%
9/5/2006 1,837 101.43% 3,463 134.62% 11,176 161.49% 1,021 146.62% 17,497 147.27%
9/6/2006 1,849 102.74% 3,451 133.81% 11,106 159.85% 1,026 147.83% 17,432 146.35%
9/7/2006 1,845 102.30% 3,442 133.20% 11,091 159.50% 1,035 150.00% 17,413 146.09%

Note:  Daily Numbers from IDXCentral.com




Population Growth Versus # of Homes Available for Sale

This next set of data is trying to show the relationship between the total number of people in a given area to the number of homes for sale in that area.  This allows us to compare number of homes for sale today to the number of homes for at some time in the past on a population adjusted basis.

 (This is only one of many factors that may be considered for comparative purposes, such as Incomes, Job Growth, Home Prices versus Rent ratios, Inflation, etc).

 

  El Dorado County Placer County Sacramento County Yolo County Total
Year Popu- lation # Homes Pop/ Home Popu- lation # Homes Pop/ Home Popu- lation # Homes Pop/ Home Popu- lation # Homes Pop/ Home Popu- lation # Homes Pop/ Home
                               
1990 125,995     172,796     1,041,219     141,210     1,481,220    
1991 130,182     179,242     1,063,417     143,825     1,516,666    
1992 134,898     187,204     1,088,351     147,211     1,557,664    
5/31/1993 138,788     194,001     1,103,845     149,032     1,585,666 11,604 137
4/30/1994 141,843 1,395 102 199,994 1,682 119 1,113,762 6,739 165 150,387 628 239 1,605,986 10,444 154
4/30/1995 143,862 1,400 103 207,158 1,700 122 1,118,579 6,600 169 152,924 628 244 1,622,523 10,328 157
4/30/1996 145,949 1,400 104 215,019 1,675 128 1,127,700 5,800 194 155,709 615 253 1,644,377 9,490 173
4/30/1997 148,373 1,350 110 222,287 1,600 139 1,141,918 5,400 211 158,310 615 257 1,670,888 8,965 186
4/30/1998 150,857 1,150 131 229,684 1,200 191 1,157,437 4,400 263 160,732 615 261 1,698,710 7,365 231
4/30/1999 153,231 1,000 153 238,292 1,100 217 1,185,124 4,000 296 163,490 200 817 1,740,137 6,300 276
4/30/2000 157,079 650 242 246,119 800 308 1,217,628 2,800 435 167,352 100 1,674 1,788,178 4,350 411
4/30/2001 161,600 650 249 254,900 1,000 255 1,247,800 2,800 446 171,800 50 3,436 1,836,100 4,500 408
4/30/2002 163,600 650 252 265,700 1,025 259 1,280,900 2,250 569 176,300 50 3,526 1,886,500 3,975 475
4/30/2003 165,900 650 255 283,500 1,050 270 1,311,700 2,300 570 181,100 225 805 1,942,200 4,225 460
4/30/2004 170,456 625 273 296,579 650 456 1,346,205 1,700 792 184,660 200 923 1,997,900 3,175 629
4/30/2005 173,511 594 292 308,431 1,070 288 1,366,937 2,545 537 187,575 214 877 2,036,454 4,423 460
5/31/2005 173,511     308,431     1,366,937     187,575     2,036,454 5,290 385
6/30/2005 173,511     308,431     1,366,937     187,575     2,036,454 6,246 326
7/31/2005 173,511     308,431     1,366,937     187,575     2,036,454 7,263 280
8/31/2005 173,511 989 175 308,431 1,619 191 1,366,937 5,082 269 187,575 463 405 2,036,454 8,153 250
9/30/2005 173,511 1,085 160 308,431 1,803 171 1,366,937 5,815 235 187,575 581 323 2,036,454 9,284 219
10/31/2005 173,511 1,225 142 308,431 2,094 147 1,366,937 6,940 197 187,575 667 281 2,036,454 10,926 186
11/30/2005 173,511 1,260 138 308,431 2,216 139 1,366,937 7,450 183 187,575 690 272 2,036,454 11,616 175
12/31/2005 173,511 1,110 156 308,431 1,869 165 1,366,937 6,497 210 187,575 585 321 2,036,454 10,061 202
1/31/2006 176,204 1,182 149 316,508 1,958 162 1,385,607 6,959 199 190,344 594 320 2,068,663 10,693 193
2/28/2006 176,204 1,236 143 316,508 2,167 146 1,385,607 7,300 190 190,344 642 296 2,068,663 11,345 182
3/31/2006 176,204 1,175 150 316,508 2,284 139 1,385,607 7,426 187 190,344 670 284 2,068,663 11,555 179
4/30/2006 176,204 1,329 133 316,508 2,546 124 1,385,607 8,138 170 190,344 732 260 2,068,663 12,745 162
5/31/2006 176,204 1,593 111 316,508 3,016 105 1,385,607 9,328 149 190,344 885 215 2,068,663 14,822 140
6/30/2006 176,204 1,705 103 316,508 3,254 97 1,385,607 10,412 133 190,344 958 199 2,068,663 16,329 127
7/31/2006 176,204 1,874 94 316,508 3,511 90 1,385,607 11,352 122 190,344 1,043 182 2,068,663 17,780 116
8/31/2006 176,204 1,843 96 316,508 3,488 91 1,385,607 11,343 122 190,344 1,049 181 2,068,663 17,723 117
Notes:
  • Population Data was pulled from the California Employment Development Department.
  • 1990 data courtesy of the US Census Bureau.
  • 1991-2005 data courtesy of the California Department of Finance.
  • 2006 estimated.
  • 6/30/2006 --- 2005 and 2006 population numbers revised according to updates on EDD's website.



Sacramento County Foreclosure Data

Beginning 8/10/2005

(Sacramento County Only)

Date Foreclosure Pre-Foreclosure Bankruptcy
8/10/2005 29 3,045 1,243
8/20/2005 28 3,128 1,286
8/25/2005 30 3,091 3,294
9/3/2005 32 3,201 4,182
9/10/2005 33 3,268 4,264
9/17/2005 36 3,313 4,300
9/24/2005 37 3,367 2,553
10/1/2005 36 3,450 1,768
10/8/2005 34 2,461 733
10/15/2005 42 3,556 1,868
10/22/2005 43 3,609 2,165
10/29/2005 46 3,722 2,961
11/5/2005 46 3,813 3,102
11/12/2005 48 3,525 3,128
11/19/2005 50 3,556 3,121
11/26/2005 52 3,485 3,093
12/3/2005 53 3,496 3,036
12/10/2005 52 3,468 3,014
12/17/2005 58 3,463 3,006
12/24/2005 58 3,484 3,001
12/31/2005 60 3,508 2,989
1/7/2006 61 3,548 2,923
1/14/2006
1/21/2006 66 3,465 2,546
1/28/2006 69 3,410 2,230
2/4/2006 77 3,448 2,256
2/11/2006 77 3,474 1,917
2/18/2006 75 3,595 1,809
2/25/2006 87 3,602 1,592
3/04/2006 91 3,643 1,302
3/11/2006 99 3,691 1,375
3/18/2006 88 3,773 1,424
3/25/2006 99 3,828 1,210
4/1/2006 98 3,858 1,030
4/8/2006 106 3,900 1,014
4/15/2006 109 3,974 998
4/22/2006 109 4,040 1,011
4/29/2006 119 4,111 1,022
5/6/2006 125 4,174 984
5/13/2006 130 4,232 1000
5/20/2006 136 4,254 1,012
5/27/2006 148 4,362 1,061
6/3/2006 154 4,410 1,105
6/10/2006 164 4,434 1,114
6/17/2006 180 4,610 1,118
6/24/2006 191 4,682 1,131
7/1/2006 203 4,685 1,143
7/8/2006 212 4,753 1,180
7/15/2006 225 4,747 1,154
7/22/2006 228 2,910 1,166
7/29/2006 239 2,927 1,162
8/5/2006 247 2,960 1,200
8/12/2006 261 2,968 1,219
8/19/2006 267 2,937 1,225
8/26/2006 281 2,948 1,228
9/2/2006 275 2,276 1,296
9/9/2006 303 2,315 1,314
Notes:
  • Data courtesy of Foreclosure.com.
  • Data is for Sacramento County only (not the 4 county region).



Job Growth in the Four County Region from 1994-2004
Things to notice:
1) Steady decline in job growth after a peak in 1999.
2) High percentage of new jobs being real estate related.
Year Total Jobs Total New Jobs New Real Estate Jobs Percent
1994 643,800 17,800 1,600 9.0%
1995 662,800 19,000 400 2.1%
1996 681,500 18,700 2,800 15.0%
1997 702,000 20,500 4,000 19.5%
1998 731,400 29,400 5,900 20.0%
1999 770,500 39,100 8,100 20.7%
2000 797,100 26,600 4,500 16.9%
2001 818,900 21,800 7,100 32.6%
2002 832,200 13,300 1,700 12.8%
2003 846,000 13,800 7,000 50.7%
2004 856,200 10,200 4,100 40.1%

Notes:

  • Job numbers were taken from a recent article in the Sacramento Bee, which was quoting numbers by the Employment Development Department in Sacramento.




Notes:
  • Inventory chart on the left depicts the inventory data in the tables above  (last updated 8/31/2006).
  • The National City chart on the right was pulled from a recent report by National City regarding overvalued and "extremely overvalued" (over 30% overvalued) cities in America.   At that point, they considered Sacramento roughly 54% overvalued, which fell into the "extremely overvalued" category.
  • This graph was developed by Economist Robert Shiller and his students. Basically it's an index of home prices dating back to the late 1800s, using data from newspapers and govt surveys (as the picture states). Graph courtesy of Robert Shiller's book "Irrational Exuberance" and the picture was pulled from a story in the NY Times.








Comments:
As of a couple days ago, I started getting an error message regarding the size of the post and as such I could not add to that post anymore, so I restarted the daily numbers as of August 2006. I still need to fix the invalid pics and the now invalid anchors on the old post.
 
James,

Thanks for the work you do on this blog! Obviously we have been in a lull in terms of inventory growth for the month of August. I believe its still much too early to call a top on inventory, though. We still have many short sales, foreclosures, ARM resets, and specuvestor blow-outs coming on line in the months ahead so I wouldn't be surprised at all to see inventory actually double or triple within a year or two. JMHO, and only time will tell.
 
Darth is right. We all owe James a debt of gratitude. He is the first and still the most comprehensive inventory tracker for Sac.

And I also agree with Darth that the other shoe will eventually drop.
 
I have to agree...the upward trend has definitely slowed down quite a bit. We've definitely passed the peak selling season, so I wonder if people will start pulling properties off the market in hopes of trying again next spring (since we all know spring is the guaranteed selling season..haha). As far as the short sales, resets, etc, yeah those might stir things up a bit more. I just wish I could see out 6 months, 1 year, 3 years, 5 years, etc... ahh well. Anyone have any predictions?
 
The Chicago Mercantile Exchange has opened a market in housing index futures. They are tracking several markets (not including Sacramento) based on the Case-Schiller methodology. One of the markets is the San Diego market. If the forward projections of this 'commodity' market is correct, expect about a 7-8% decline over the next 9-12 months.
 
***ADVISORY***
OFHEO HOUSE PRICE INDEX TO BE RELEASED SEPTEMBER 5
Washington, DC -- OFHEO’s 2Q 2006 House Price Index (HPI) will be released at 10 a.m. EDT, Tuesday, Sept. 5, 2006. The HPI will be available at www.ofheo.gov.
 
Doug,

I've seen Robert Shiller on the news a few times and seen articles posted all over interviewing him. I find his economic outlook based on historical numbers refreshing.

First it was with his prediction of a start market crash, and most recently (the last couple years) with his prediction of a housing market that is way out of whack. He bases his info on long standing numbers, unlike most of the real estate "experts" of the last 5 years who claim this is a "new" market and their countless arguments while real estate should only continue going up.

CNBC had an hour long program about 2 months ago regarding the outlook on real estate. They had 4 guests:

1) Robert Shiller (economist),
2) David Lareah (economist for the NAR),
3) Century 21st Realty's Pres or Vice pres,
4) Some Mortage Co Pres or Vice Pres.

It was funny listening to the later 3 guys saying anything they could to dismiss the idea that the real estate market could be overvalued, while Shiller was just trying to point to long standing fundamentals.

I posted a graph I pulled from a NY Times article last year where they interviewed Shiller. Thanks for the info on the housing market futures. I didn't know they were doing that now.
 
Here's a link to the Case Shiller Weiss website.

Although you would need to subscribe to get actual data, you can at least look around and read about their management team, methodology regarding home prices, forecasting, etc.

Case Shiller Weiss Home Page
 
Yesterday the OFHEO released its official House Price Index through the 2d quarter of 2006 at http://www.ofheo.gov/media/pdf/2q06hpi.pdf

Two observations:

(1) Sacramento house prices fell again last quarter--minus .38%.

Doesn’t sound like much? Well, its minus .38% for one quarter. The annual rate is minus 1.52%. And remember, it’s a nominal price reduction, not inflation adjusted. The real price of a house in Sac, after inflation, is falling even faster. Remember, too, that a downturn starts with what the OFHEO euphemistically calls “deceleration.” In other words, the rate of skyrocketing price increases normally slows down after the rocket motor stops burning, only after the deceleration does the fall begin. In Sac, however, the ballistic arc has already turned and reentry is well under way.

Just as you would expect, the downward speed in Sac has accelerated. As I recall, prices fell about a quarter of a point here in 1st Qtr ’06, or about a minus 1% annual rate. If the downward acceleration continues for the second half it gets ugly fast.

(2) Note the headline in the OFHEO report:
House Price Index Shows Largest Deceleration in Three Decades

But the index only goes back to 1975. In other words, this is the steepest deceleration in US house prices in the 30-year history of the official OFHEO index. What do we know about house prices before that?

Take a look at Robert Shiller’s graph showing inflation adjusted home prices since 1890. (Lander has a copy of Shiller’s graph at SacramentoLand(ing) (August 30th.) http://sacramentolanding.blogspot.com/

Note that the official OFHEO index is “based on a modified version of the weighted-repeat sales (WRS) methodology proposed by Case and Shiller (1989).” I guess Shiller knows what he’s talking about.

Shiller’s long term history shows that RE prices crashed after 70’s and 80’s booms. Each of those precipitous downturns are included within the history of the official OFHEO index since 1975. And yet, per the headline today, we are witnessing the fastest, most precipitous deceleration in the last 30 years.

Not to be alarmist, but look at Shiller’s graph again. Prior to the booms/downturns of the 70’s and 80’s the last big crash was the depression era. And, of course, the run up of the last five years is unprecedented.

In other words, you ain’t seen nothin’ yet.
 
And another thing.

Ninety years ago the housing price crash was a leading indicator for the great depression.

Just sayin'.

But seriously folks, Shiller says prices fell ninety years ago due to productivity increases in house building. So, no need to worry, right?
 
In terms of the foreclosure/pre-foreclosure numbers, there was a previous discussion about this in the older comments area. Someone was commenting that it was odd that the pre-foreclosure numbers dropped so dramatically, but I can't remember what the reason for this was.

The actual foreclosure numbers keep rising regardless of pre-foreclosure so my guess is the pre-foreclosure numbers have to be skewed in some way.

Also, sacrealstats is reporting a modest (150) listing increase in the last few days, bucking the seasonal downward trend. It will be interesting to see if August inventory was simply basing before taking off again.
 
Just back from a trip to the upper midwest. For kicks, we would look at the price of housing. In rural Wisconsin, we found a house that appeared to be in good shape with an asking price of less than $80,000.

Re: OFHEO report - are those numbers based on resales of the same homes, do they include new home sales? If the latter, the nominal price reduction would not reflect the additional 'incentives' that are currently being offered.

James, may I also put in a hearty thanks for all the work you do on this blog.

Anyone know of anyone tracking the prices of houses going on the auction block through foreclosure?

D.
 
Doug,

Here is my understanding of OFHEO in a nutshell. I'm not an expert but I've been paying some attention to this.

The OFHEO house price index cannot take into account any price changes in new home sales. Case and Shiller designed this methodology as a "constant quality index" to compute the weighted average of all price changes for repeat sales of specific, individual parcels of real estate.

For example, I sold my house in October '05. The index tracks back to when I bought that same house in '98. The index then adds the price change on my house last October to the database. Finally, it computes a weighted average for all price changes on all repeat sales of specific parcels in my MSA, as well as the entire state, region and the US as a whole.

I don't know how Shiller derives price changes from 1890 to 1975 when OFHEO created the index. I do suspect that he understands the history of house prices as well as anyone in the country. I also know that the major, affordability indices like PMI and Consumer Reports/Market Watch Index and others use the OFHEO HPI (as compared to average incomes) to arrive at their indices.
 
Sad to see this blog not updated. There are now 401 foreclosures in Sacramento Co as of Sept 25th.
 
Ditto the comments of "out at the peak". I hope james is ok.

D.
 
Milestone update Oct 20, 2006:
500 Foreclosures
2551 Pre-Foreclosures
1331 Bankruptcies
 
November 27, 2006 update:
718 Foreclosures
1457 Preforeclosures
1412 Bankruptcies
11894 Tax Liens
 
Dec 27th, 2006 update:
856 Foreclosures
1859 Preforeclosures
1465 Bankruptcies
11411 Tax Liens
 
Jan 15th, 2007 update:
959 Foreclosures
3427 Preforeclosures
1492 Bankruptcies
11411 Tax Liens (unchanged!?)

This is an explosion of foreclosures. Amazing how the bankruptcies and tax liens aren't moving.
 
Feb 7th, 2007 update:
1198 Foreclosures
3875 Preforeclosures
1465 Bankruptcies (decrease)
11412 Tax Liens (about same)
 
Feb 15th, 2007 update:
1337 Foreclosures
3714 Preforeclosures (decrease)
1551 Bankruptcies (increase)
11412 Tax Liens (same)

I'm surprised to see a dip in preforeclosures, but that also means a higher foreclosure/preforeclosure ratio. It's virtually 36% now which is the highest I've ever seen.

I noticed this one property that has a $805K default yet the Zestimate was only $376K. Could Zillow be off by more than 100%? Or was this a scam?

Link
 
Feb 25th, 2007 update:
2243 Foreclosures (explosion)
3839 Preforeclosures (increase)
1579 Bankruptcies (increase)
11412 Tax Liens (same)

The foreclosure numbers are huge. Are lenders able to skip NODs and file NTSs?? Maybe Foreclosure.com's data entry is skewed because there isn't enough man power to keep up with the paperwork?
 
Mar 15th, 2007 update:
2533 Foreclosures (increase)
4151 Preforeclosures (increase)
1623 Bankruptcies (increase)
11412 Tax Liens (same)
 
Mar 27th, 2007 update:
2858 Foreclosures (increase)
4334 Preforeclosures (increase)
1660 Bankruptcies (increase)
11412 Tax Liens (same)
 
Apr 4th, 2007 update:
2945 Foreclosures (increase)
4370 Preforeclosures (increase)
67.39% Foreclosure/Preforeclosure ratio
1723 Bankruptcies (increase)
11404 Tax Liens (decrease)
 
Apr 16th, 2007 update:
3567 Foreclosures (increase)
4602 Preforeclosures (increase)
77.51% Foreclosure/Preforeclosure ratio (increase)
1705 Bankruptcies (decrease)
11404 Tax Liens (same)
 
May 23rd, 2007 update:
3755 Foreclosures (increase)
5021 Preforeclosures (increase)
74.79% Foreclosure/Preforeclosure ratio (decrease)
1674 Bankruptcies (decrease)
11404 Tax Liens (same)
 
June 4th, 2007 update:
4223 Foreclosures (increase)
5208 Preforeclosures (increase)
81.09% Foreclosure/Preforeclosure ratio (increase)
1483 Bankruptcies (decrease)
11404 Tax Liens (same)
 
June 11th, 2007 update:
4565 Foreclosures (increase)
5165 Preforeclosures (decrease)
88.38% Foreclosure/Preforeclosure ratio (increase)
1459 Bankruptcies (decrease)
11404 Tax Liens (same)
 
June 19th, 2007 update:
4748 Foreclosures (increase)
5381 Preforeclosures (increase)
88.24% Foreclosure/Preforeclosure ratio (decrease)
1369 Bankruptcies (decrease)
11404 Tax Liens (same)
 
July 9th, 2007 update:
4904 Foreclosures (increase)
5576 Preforeclosures (increase)
87.95% Foreclosure/Preforeclosure ratio (decrease)
1376 Bankruptcies (increase)
11404 Tax Liens (same)
 
July 20th, 2007 update:
4600 Foreclosures (decrease)
5580 Preforeclosures (decrease)
82.44% Foreclosure/Preforeclosure ratio (decrease)
1443 Bankruptcies (increase)
11404 Tax Liens (same)
 
August 28th, 2007 update:
4118 Foreclosures (decrease)
2634 Preforeclosures (decrease)
156% Foreclosure/Preforeclosure ratio (increase)
1518 Bankruptcies (increase)
10579 Tax Liens (decrease)
 
August 28th, 2007 update:
3552 Foreclosures (decrease)
7621 Preforeclosures (increase)
46.6% Foreclosure/Preforeclosure ratio (decrease)
2281 Bankruptcies (increase)
7525 Tax Liens (decrease)

Foreclosures look like they are decreasing in the short term, but there is a huge wave of preforeclosures that will bump the foreclosure numbers up high again. We have not "hit bottom". We are not going to hit bottom any time soon.
 
October 29th, 2007 update:
3956 Foreclosures (increase)
7740 Preforeclosures (increase)
51.1% Foreclosure/Preforeclosure ratio (increase)
2694 Bankruptcies (increase)
7525 Tax Liens (same)
 
November 13th, 2007 update:
4524 Foreclosures (increase)
7532 Preforeclosures (decrease)
60.1% Foreclosure/Preforeclosure ratio (increase)
2620 Bankruptcies (decrease)
7525 Tax Liens (same)
301 Sheriff Sales (new stat)
 
December 10th, 2007 update:
4750 Foreclosures (increase)
8795 Preforeclosures (increase)
54.0% Foreclosure/Preforeclosure ratio (decrease)
2392 Bankruptcies (decrease)
7525 Tax Liens (same)
369 Sheriff Sales (increase)
 
December 10th, 2007 update:
4575 Foreclosures (decrease)
8404 Preforeclosures (decrease)
54.4% Foreclosure/Preforeclosure ratio (increase)
2279 Bankruptcies (decrease)
7525 Tax Liens (same)
513 Sheriff Sales (increase)
 
January 14th, 2008 update:
4776 Foreclosures (increase)
9555 Preforeclosures (increase)
50.0% Foreclosure/Preforeclosure ratio (decrease)
2535 Bankruptcies (increase)
7525 Tax Liens (same)
309 Sheriff Sales (decrease)
 
Hello I just entered before I have to leave to the airport, it's been very nice to meet you, if you want here is the site I told you about where I type some stuff and make good money (I work from home): here it is
 
Visit www.RunOnTheBank.org for information on the next economic depression. New AND FRESH CONTENT WILL BE ADDED DAILY.
 
I have to remind people about the other scams going on with this subprime mess. Jthink of the possibilities. People were taking their equity down to nothing, and probably overdrawing, then going out on expensive dinners, vacations, cruises, buying SUVs, boats, jet skies etc. Do you think any of that went back to the bank? I'm sure there were repos on the stuff the banks could track down and find but you can't repo a vacation, a cruise or phat dinner in the city. What about others who blew it on crazy stuff, or went and bought stocks and bonds?? What about having cash somewhere in a bank account? There's no rule or law that you actually have to pay it back to anyone. There's no debtors prisons. Many people just left their homes and walked away, or mailed their keys to the bank and said I'm not paying anymore. One of my friend's neighbors saw that the building next door was renting her same condo for cheaper than her mortgage so just rented that place and moved out of the other, no one was notified. Now there is an eviction notice on the door but she already left! And thanks to the govt, we're paying for it. Normally, if you left a debt unpaid and it was forgiven, you would be obligated to pay the taxes on the balance (1099), but NO, Bush signed a bill that forgave that tax liability. That's wrong.
 
May 1st, 2008 update:
5272 Foreclosures (increase)
10628 Preforeclosures (increase)
49.6% Foreclosure/Preforeclosure ratio (decrease)
4117 Bankruptcies (increase)
7524 Tax Liens (decrease)
289 Sheriff Sales (decrease)
 
May 28th, 2008 update:
5831 Foreclosures (increase)
11366 Preforeclosures (increase)
51.3% Foreclosure/Preforeclosure ratio (increase)
4507 Bankruptcies (increase)
7524 Tax Liens (same)
346 Sheriff Sales (increase)
 
August 5th, 2008 update:
9242 Foreclosures (increase)
12260 Preforeclosures (increase)
75.4% Foreclosure/Preforeclosure ratio (increase)
4152 Bankruptcies (decrease)
7522 Tax Liens (decrease)
712 Sheriff Sales (increase)
 
May 27th, 2009 update:
6655 Foreclosures (decrease)
11263 Preforeclosures (decrease)
59% Foreclosure/Preforeclosure ratio (decrease)
1478 Bankruptcies (decrease)
11368 Tax Liens (increase)
523 Sheriff Sales (decrease)
 
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