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IPFS News Link • Housing

What Economic Recovery: Foreclosure Have Risen 5 Straight Years

According to Hope Now estimates, completed foreclosure sales (rounded) were about as follows over the past few years. Year Completed Foreclosure 2007 514,000 2008 914,000 2009 949,000 2010 1,070,000 Using CoreLogic’s estimates and grossing them up to reflect its incomplete geographic coverage, one would get short sales estimates of around 78,000 for 2007, 164,000 for 2008, 278,000 for 2009, and 331,000 for 2010. However, based on data reported by lenders on short sales in the OCC/OTS mortgage metrics reports, the CoreLogic estimates of short sales look way too high for 2007 and 2008 (the 2009 estimates look OK, but the 2010 estimates – which admittedly are not available for the full year – look a tad low). Using instead my own estimates for 2008 through 2010, here’s what completed foreclosure sales plus short sales might look like (I don’t have a DIL estimate, but it appears as if the volume of DILs was pretty low). Year Completed Foreclosure Sales Short Sales Total 2008 914,000 95,000 1,009,000 2009 949,000 263,000 1,212,000 2010 1,070,000 375,000 1,445,000 On the other hand, the above numbers could well OVERSTATE significantly the number of homeowners who lost their primary home either to foreclosure or to a short sale. A “significant” % of completed foreclosure sales has been completed foreclosures on non-owner-occupied homes, though estimates vary as to what that % has been. In addition, not all short sales have involved homeowners “involuntarily” leaving their home, but who instead wanted to (for economic or other reasons) move and who were able to negotiate a short sale with their lender.

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