July 2010 U.S. Foreclosure Heat Map

A place where you can find out the latest real estate trends, comment and ask questions based on your experiences with the foreclosures market. In addition, we want this blog to develop into a community where you can connect and share ideas with others interested in the foreclosures market.

Here's a heat map showing foreclosure activity in July nationwide, broken down by county. In July we saw a continued pattern of declining defaults even while bank repossessions (REOs) continued to climb from a year ago. Read full July report.

Posted: Wed, September 01 2010 9:29 AM by darenb

Filed under: Foreclosure Trends, foreclosure rates, foreclosure hot spots

Comments

Norman Sutton said:

Where is the US property market heading?

Well, I've just been running some numbers and this is what I've found.

- 2.5 million US homes have been foreclosed in the last 3 years

- 3 million US homes predicted to be foreclosed in the next 4 years

That means 5.5 million homes over 7 years, which is 785,000 homes per year or 65,500 homes per month.

Now if you multiply this by the average house price of $182,00, that totals a staggering $11,921,000,000 of foreclosures per month.

If say 25% of these end up becoming REO's, that represents a $2,980,000,000 per month market.

If you would like to know more about how to be involved in this market, email me at normansutton1249@gmail.com

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