Over 99% of Homes are NOT in Foreclosure

by Karen Goodman on June 11, 2008

Earlier this year I introduced you to my broker, Shawn Kelsey.

Shawn likes keeping track of numbers and what is happening in the market, and does a great job of keeping all of The Kelsey Group agents informed on the latest news. Tracking foreclosure stats and pointing out how the media isn’t telling the full story is one of Shawn’s specialties.

I hope you find the Shawn’s article as informative as I do.

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To understand the true foreclosure story, take a look at the RealtyTrac numbers for 2008 through April …

April 2008:

US had 243,353 Foreclosure FILINGS or 0.19% of Households.
REO’s (Bank Repo’s) were only 54,574 which is 22.4% of the total filings.
REO’s were 0.043% of the total US households.

Missouri had 3,051 Foreclosure FILINGS or 0.12% of Households.
REO’s (Bank Repo’s) were only 1,045 which is 34.2% of the total filings.
REO’s were 0.040% of the Missouri households.

March 2008:

US had 234,685 Foreclosure FILINGS or 0.18% of Households.
REO’s (Bank Repo’s) were only 53,393 which is 22.7% of the total filings.
REO’s were 0.042% of the total US households.

Missouri had 3,368 Foreclosure FILINGS or 0.13% of Households.
REO’s (Bank Repo’s) were only 1,179 which is 35.1% of the total filings.
REO’s were 0.045% of the Missouri households.

February 2008:

US had 223,651 Foreclosure FILINGS or 0.18% of Households.
REO’s (Bank Repo’s) were only 46,508 which is 20.7% of the total filings.
REO’s were 0.037% of the total US households.

Missouri had 3,469 Foreclosure FILINGS or 0.13% of Households.
REO’s (Bank Repo’s) were only 1,027 which is 29.6% of the total filings.
REO’s were 0.039% of the Missouri households.

January 2008:

US had 233,001 Foreclosure FILINGS or 0.18% of Households.
REO’s (Bank Repo’s) were only 45,327 which is 19.4% of the total filings.
REO’s were 0.036% of the total US households.

Missouri had 3,359 Foreclosure FILINGS or 0.13% of Households.
REO’s (Bank Repo’s) were only 992 which is 29.5% of the total filings.
REO’s were 0.038% of the Missouri households.
RealtyTrac states that they use 2005 Census data for their # of Household data.

The census data shows that Missouri has 2,592,809 Households which is 2.08% of US Population. The US Census data from 2005 shows that there are 124,521,886 US households.

Are there a few states having big problems?

Absolutely.

But don’t forget that All Real Estate is Local !!!