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	<title>Mike Cook Properties &#187; Forclosure — Mike Cook Properties</title>
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		<title>Foreclosures plateau &#8211; finally. Repossessions soar</title>
		<link>http://mikecookproperties.com/2010/05/20/foreclosures-plateau-finally-repossessions-soar/</link>
		<comments>http://mikecookproperties.com/2010/05/20/foreclosures-plateau-finally-repossessions-soar/#comments</comments>
		<pubDate>Fri, 21 May 2010 06:10:22 +0000</pubDate>
		<dc:creator>JCD</dc:creator>
				<category><![CDATA[Forclosure]]></category>
		<category><![CDATA[Home Owner Help]]></category>

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		<description><![CDATA[NEW YORK  (CNNMoney.com) &#8212; The foreclosure plague may have finally reached its  peak in April 2010 &#8212; but don&#8217;t expect delinquency statistics to plummet  anytime soon.
The total number of foreclosure filings &#8212; notices  of default, auction notices and bank repossessions &#8212; fell by 9% from  March to April, and 2%... <a href="http://mikecookproperties.com/2010/05/20/foreclosures-plateau-finally-repossessions-soar/" rel="nofollow">Read More</a>]]></description>
			<content:encoded><![CDATA[<p>NEW YORK  (CNNMoney.com) &#8212; The foreclosure plague may have finally reached its  peak in April 2010 &#8212; but don&#8217;t expect delinquency statistics to plummet  anytime soon.<br />
The total number of foreclosure filings &#8212; notices  of default, auction notices and bank repossessions &#8212; fell by 9% from  March to April, and 2% compared with April 2009, according to data  released Thursday by RealtyTrac, the online marketer of foreclosed  properties.</p>
<p>This  is the first time that has happened in the history of the report, which  goes back to January 2006.</p>
<p>But the number of homes repossessed  during April is at an all-time high of 92,432. That is a 45% increase  over April 2009. If repossessions continue at this pace, more than 1.1  million homes will be lost in 2010.</p>
<p>&#8220;There were two important  milestones in the April numbers that show foreclosure activity has begun  to plateau, but at a very high level that will not drop off in the near  future,&#8221; said RealtyTrac CEO James Saccacio.</p>
<p>Saccacio said he  expects the pattern to become the norm for many months, with the overall  numbers of filings staying high, but not increasing, and repossessions  remaining at record levels.</p>
<p>The  reason that repossessions can rise while filings hold steady is that  lenders are working through a backlog of delinquent properties, taking  more of them through the entire process to repossession, rather than  letting them linger in limbo.</p>
<div>Walkaways</div>
<p>The  numbers of repossessed properties, also called real-estate owned or  REOs, have been boosted by a spike in the number of homeowners  voluntarily giving up their homes because their the value has dropped so  precipitously.</p>
<p>These &#8220;strategic defaults&#8221; now account for nearly  one in three foreclosures, according to a recent report from the  University of Chicago Booth School of Business and Northwestern&#8217;s  Kellogg School of Management. That&#8217;s up from 22% 12 months earlier.</p>
<p>Some  homeowners walk away when they are &#8220;underwater,&#8221; owing far more than  the value of their home, because they realize that they will never  recoup the losses. The further homeowners fall underwater, the more  likely they are to leave.</p>
<p>About one in four U.S. homeowners is  underwater, according to CoreLogic, a financial data provider. Nearly 5  million of those borrowers owe mortgage debt that exceeds their property  values by 25% or more. The total of negative equity in these deeply  underwater borrowers is a whopping $655 billion.</p>
<div>Foreclosure epicenters</div>
<p>Nevada continues  to rank as the worst-hit foreclosure state, with one of every 69  households receiving some kind of filing. That&#8217;s nearly six times the  national rate which is one household for every 387 receiving a filing.</p>
<p><a href="http://money.cnn.com/news/storysupplement/economy/gapmap/index.htm" target="_blank">Where does your state fall?</a></p>
<p>Arizona  had the second highest rate; Florida the third; and California the  fourth. California, the largest state in the union, had nearly 70,000  filings, more than any other state. Michigan, where the vast number of  foreclosures can be traced to job losses and economic turmoil, recorded  more than 19,000.</p>
<p>Oregon is at 6.46%</p>
<p>The metro area market that recorded the highest  rate of foreclosure filings in April was Las Vegas, where one of every  60 homes was delinquent, Second was Modesto, Calif., with one in 101,  and neighboring Merced, where one in 104 homeowners was in some stage of  default.</p>
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