"KG" just sent me a link to the Palm Beach County Foreclosure Report. It is updated every few days to include the next three or four dates where the gavel falls on the average homeowner.
I did a quick search and found
21 Wells Fargo properties
5 Wachovia properties
45 Deutche Bank properties
7 Bank of New York properties
Your results will vary as the report is continually changing. This is just one county in one state out of 50. The REOs keep piling up week after week, month after month.
Addendum
"MLS" writes "The total on this foreclosure list is 245. There are 682,500 buildings/dwellings in the Palm Beach County. Admittedly this is everything with a roof on it (res, commercial, industrial, agricultural, etc.), but it puts this foreclosure number in some context."
My Reply: "MLS" That foreclosure list was for a mere 11 days.
7/21/2008
7/24/2008
7/28/2008
7/31/2008
245 foreclosures in 11 days is 8130 foreclosures in a year.
Furthermore I suspect the numbers are going to get a lot worse as the economy slows. Nonetheless, I am willing to call that an average week.
Losses on foreclosures are typically 50%. Let's assume a $100,000 loss per home. I suspect that is extremely low. Here is the math: 8,130 * $100,000 = $813,000,000
Some want that extrapolated over business days
From 7/21 to 7/31 is 9 business days.
There are about 252 business days per year.
245 foreclosures for 9 days is 6,860 per year (of 252 days).
That is just one county. There is your "context"
Mish
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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