Foreclosure Filings - AUGUST YTD
(Lehman addendum at bottom)
YTD JUNE 2007
which shows a total of 925,986 foreclosure filings —
default notices,
auction sale notices
and bank repossessions —
were reported on 573,397
properties nationwide during the
first six months of the year,
realtytrac.com.
JULY 2007
179,599 foreclosure filings —
default notices,
auction sale notices
and bank repossessions —
were reported during the month
realtytrac.com.
AUGUST 2007
August 2007 U.S. Foreclosure Market Report, which shows a total
of 243,947 foreclosure filings —
default notices,
auction sale notices
and bank repossessions —
were reported during the month, up 36 percent from
realtytrac.com.
Foreclosure Filings Summary
August YTD 2007
Rounded (000)
-----------------------------
926,000 June YTD
180,000 July
244,000 August
-----------------------------
1,350,000 August YTD
=============================
Lehman Brothers estimates increased payments will send 1.5m subprime borrowers into foreclosure.
The Federal Reserve’s cut in the overnight rate to 4.75 per cent last week will
not necessarily help all subprime borrowers
because 73 per cent of adjustable-rate subprime loans are based on the six-month London interbank lending rate
This is the rate at which banks lend to each other has hovered around 5.1 per cent.
An average subprime adjustable rate mortgage in the last two years would have been offered with a 7 per cent interest rate.
These will initially reset to between 9.45 per cent and 10.85 per cent, according to Deutsche Bank and Loan Performance.
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