Blog Projects Decline in Number of Foreclosure Sales - |

Armando Montelongo Team Blog

Blog Projects Decline in Number of Foreclosure Sales

While more than 2 million houses are in the process of foreclosure, sales of foreclosed properties this year are expected to drop to levels not seen since 2007.

The Calculated Risk blog looked at data from RealtyTrac and the federal Hope Now program to calculate that approximately 805,000 foreclosed residential properties will be sold in 2011. In comparison, an estimated 1.07 million were sold last year.

Short sales and deed in lieu of foreclosure transactions will reach 380,000 this year, compared to 354,000 last year and just 105,000 in 2008. The blog’s author, economist Tom Lawler, noted in the post that there are no official statistics for foreclosure sales available, which is why he had to consult multiple sources.

As of October, data firm Lender Processing Services estimated there were more than 2.2 million properties in the process of foreclosure and 1.76 million considered seriously delinquent, with payments 90 days or more overdue.

Lawler observed that that “(g)iven the number of loans either seriously delinquent or in the process of foreclosure at the beginning of the year, the number of completed foreclosure sales in 2011 is almost absurdly low, reflecting the complete screw-up of the mortgage servicing industry, and the resulting dramatic slowdown in foreclosure resolutions.”

Here is the blog’s table of foreclosure and other distressed-properties sales for the last four years, including the estimated totals for this year:

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