( FORECLOSURES )Foreclosure Economic Advisory Council Releases 1st Quarter Analysis( recap )
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That was then and here we are now? Some say at the bottom or are we still diving into deeeper recession? Mid May of 2006 we saw a 6% increase in foreclosures, Two years later 6-8 times that much in some parts of the country.1 in every 55 homes are in some form of default foreclosure or repayment plans.Read the story from almost 2 years ago.And it has not even hit bottom yet !
The Foreclosure Economic Advisory Council (FEAC) released in first Quarterly Report for 2006 today, which highlights a growing inventory of foreclosure homes for sale.
According to the report, first-quarter 2006 foreclosures increased 6% versus the same time frame in 2005, and members of the Council identify nine states—Arizona, California, Maryland, New York, North Carolina, Virginia and Washington D.C.—as being the most at risk for potentially declining prices during the remainder of 2006.
The Southern region of the United States led the way in foreclosure activity during the first quarter, with Texas topping the nation in foreclosure inventory—more than one-third of foreclosures in the region, or 9,403 homes, were located in the Lone Star state.
In the West, new foreclosures jumped 150 percent from January to February 2006 in California. With more than 80,000 properties in some stage of preforeclosure in the state, the reports cautions that “California holds the highest risk for a significant foreclosure issue in the coming year and warns homeowners to prepare for an environment of devaluation and excess inventory on the market.”
