Foreclosure Filings Causing Trouble For Realtors

Everywhere in the country, the much dreaded word is foreclosures but it has become such an avoidable word pertaining to real estate. This is because it is happening across the nation in massive numbers. Foreclosure filings doubled in the month of September 2007 vis-à-vis September 2006. This maybe due to the fact that those homeowners who are badly behind on mortgage payments defaulted further on their loans. Thus, it is estimated that a total of 223,538 foreclosure filings were reported in September, up from 112,210 in the same month a year ago, according to Irvine, California-based RealtyTrac. However, it was revealed that the number of filings in September lessened by 8 percent from August’s 243,947.

Despite the sequential decline, the September figures are not too reassuring at all. On the contrary, it represents the second-highest total for filings in a single month since the company began tracking monthly filings two years ago.

Take the example of recent burst of foreclosures in Nassau and Suffolk counties. The figures are unbelievable but true. The numbers rose by double digits. This was just for the third quarter, according to latest reports. The real estate segment has been really hit in the worst possible way.

Nassau, for instance, witnessed 1,241 foreclosure filings. This happened during July to September, wherein the obvious increase by 27.4 percent from the previous three months is a stunning fact. This is based on the details provided by RealtyTrac, which happens to be a highly reputed online marketplace for foreclosure properties.

Suffolk, another example for review, came up with 1,080 foreclosure notices. This means it was up by 14.4 percent from the prior quarter.

The facts gathered by RealtyTrac’s numbers are based on actual filings that happen during the three phases of foreclosure in real estate segment. These three phases are default, auction and bank reposessions. This is because each property is counted just once. There are some experts who are not too happy with the findings that are shared by RealtyTrac and even pinpointed to suggest that these numbers are inaccurate. In return, RealtyTrac acknowledged having some data collecting troubles during the year in specific places.

In comparison, the situation in Long Island is much worse than most people can imagine. Caught in the hotbed of foreclosure crisis, the figures are pretty bad. The number of statewide foreclosures rose from 12.1 percent to 14,272. With fewer alternatives, the homeowners are forced to lose their homes because they are unable to sell their homes or get a refinance option on their mortgages.

While there were always people in financial trouble, in the past they could sell their homes or refinance their mortgages to alleviate their burden, he said. That’s no longer as easy to do. The alternatives are becoming fewer and fewer. The future, in turn, looks bleaker than ever.

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