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Web site Foreclosures.com just released its monthly U.S. Foreclosures Index for the month of September. Foreclosures increased by nearly 7% from August to September — making it nearly certain—the site says—that this year will see more than 1 million foreclosures in the US.
The Southwest and Southeast continue to lead the way in foreclosures, with more than 15 foreclosures for every 1,000 households this year in the Southwest and more than 10 foreclosures for every 1,000 households in the Southeast. States with the highest percentages of foreclosures are: Arizona, Nevada, Mississippi, California and Georgia.
- Five of the top 10 counties with pre-foreclosure filings based on a percentage of households are in Florida. Pre-foreclosure filings are steps lenders take before actually foreclosing.
- Pre-foreclosure filings are set to top 2 million this year, foreshadowing more difficult times ahead.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.