Foreclosure facts 1Q 2008
97.53% of all home are not in the foreclosure process.
That wouldn't make a very exciting headline would it?
On a more serious note, here are the latest foreclosures facts for the 1st Quarter of 2008 according to the Mortgage Bankers Association (MBA).
1st Q 2008 2.47%
4th Q 2007 2.04%
1st Q 2007 1.28%
Foreclosure activity increased 21% from the last quarter of 2007 and by 92% to the first quarter of 2008. Four states, California, Florida, Arizona and Nevada accounted for 47% of all foreclosure activity in the MBA report and 42% of all foreclosures according to RealtyTrac. MarketWatch reports subprime ARM's represent 6% of all loans but 39% of all foreclosures while prime ARM's represent 15% of all loans but 23% of all foreclosures.
While the Charleston real estate market is not immune from foreclosures as we are seeing increased activity as well as pre foreclosure short sales, the percentage of all homes in the Charleston area in foreclosure is much less than 1%.
And of course, the latest sad news, Ed McMahon is facing foreclosure apparently due to his poor health and while I am not a Larry King fan, Ed and his wife were on the show last evening and I caught a few minutes as I was flipping through the channels and I almost didn't recognize him. My thoughts and prayers are certainly with the McMahon's.
