National Foreclosure Statistics for 2007-2008

The subprime mortgage crisis has had a major ripple effect on our economy.  More than 200 mortgage lenders have filed bankruptcy or gone out of business after showing huge losses because of the mortgage crisis. 

Foreclosure filings have increased 97% since 2006.  In 2007, more than 1% of all homes were in some state of foreclosure compared to only .58% in 2006. 

The states with the highest foreclosure rates are Nevada, California, Florida, Arizona, Illinois, Michigan, Colorado, Ohio, Georgia, and Indiana.

Nearly 225,000 foreclosure filings, loan default notices, auction sale notices and bank repossessions were reported in October 2007.  That is an increase of almost 95% from the same time in 2006. 

More than 2% of Florida households entered some form of the foreclosure process in 2007. 

In October 2007, the national foreclosure rate was 1 foreclosure for every 555 households. 

About 7% of all mortgages are financed with an adjustable rate subprime mortgage and 42% of foreclosures.

In 2008, about $460 billion of adjustable rate mortgages will reset to a higher rate. 

In 2011 another $420 billion will adjust to a higher rate. 

Late payments rose to a 23 year high.

In 2008, approximately 750,000 to 1 million homes will be repossessed.

Pre-foreclosure Statistics for the Top 15 States in 2008

FLORIDA
Households: 6,330,401
Jan: 36,640
Feb: 37,065
Mar: 43,782
Apr: 43,410
May: 42,353
Total Filings: 203,250
Percentage: 3.21 %

CALIFORNIA
Households: 11,502,870
Jan: 36,882
Feb: 36,093
Mar: 47,730
Apr: 39,338
May: 37,744
Total Filings: 197,787
Percentage: 1.72 %

ARIZONA
Households: 1,889,518
Jan: 11,839
Feb: 11,829
Mar: 13,596
Apr: 16,799
May: 13,897
Total Filings: 67,960
Percentage: 3.60 %

ILLINOIS
Households: 3,845,980
Jan: 8,857
Feb: 6,918
Mar: 9,923
Apr: 8,063
May: 7,217
Total Filings: 40,978
Percentage: 1.07 %

NEW JERSEY
Households: 3,064,645
Jan: 6,097
Feb: 6,902
Mar: 8,172
Apr: 8,327
May: 7,684
Total Filings: 37,182
Percentage: 1.21 %

TEXAS
Households: 5,271,150
Jan: 7,422
Feb: 6,240
Mar: 6,715
Apr: 7,162
May: 1,522
Total Filings: 29,061
Percentage: 0.55 %

NEVADA
Households: 742,752
Jan: 6,607
Feb: 4,610
Mar: 6,876
Apr: 5,177
May: 4,985
Total Filings: 28,255
Percentage: 3.80 %

GEORGIA
Households: 2,738,143
Jan: 4,769
Feb: 5,240
Mar: 5,459
Apr: 5,007
May: 5,120
Total Filings: 25,595
Percentage: 0.93 %

NEW YORK
Households: 4,775,152
Jan: 4,366
Feb: 4,948
Mar: 4,960
Apr: 3,462
May: 3,689
Total Filings: 21,425
Percentage: 0.45 %

COLORADO
Households: 1,593,732
Jan: 3,260
Feb: 3,928
Mar: 4,045
Apr: 3,287
May: 3,568
Total Filings: 18,088
Percentage: 1.13 %

MASSACHUSETTS
Households: 2,443,580
Jan: 4,354
Feb: 3,372
Mar: 4,125
Apr: 2,174
May: 3,173
Total Filings: 17,198
Percentage: 0.70 %

NORTH CAROLINA
Households: 2,683,848
Jan: 3,864
Feb: 3,685
Mar: 3,577
Apr: 3,265
May: 2,448
Total Filings: 16,839
Percentage: 0.63 %

MICHIGAN
Households: 2,657,945
Jan: 3,061
Feb: 3,293
Mar: 3,049
Apr: 1,350
May: 6,019
Total Filings: 16,772
Percentage: 0.63 %

VIRGINIA
Households: 2,453,033
Jan: 2,514
Feb: 2,588
Mar: 3,118
Apr: 4,070
May: 3,304
Total Filings: 15,594
Percentage: 0.64 %

MARYLAND
Households: 1,980,859
Jan: 3,022
Feb: 3,458
Mar: 3,688
Apr: 3,321
May: 859
Total Filings: 14,348
Percentage: 0.72 %

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