Boca Raton, FL (PRWEB) September 8, 2006
The Foreclosure Economic Advisory Council (FEAC) today announced the availability of its second Quarterly Report for 2006, which reveals that new foreclosure rates ended the quarter at the same rate as the end of Q1.
The balance in inventory is attributed to investments in the market taking place while new foreclosures continued to increase throughout the county. In fact, California, New England, Nevada and Texas all experienced a spike in foreclosures.
The data also predicts that foreclosures will continue to increase significantly by the end of the year as a result of home price appreciation rates returning to single digits, the increasing inventory of available homes for sale and high interest rates.
In the report, which examines national and regional data compiled by Foreclosure.com from April to June 2006, FEAC member Dr. Jim Gaines — a research economist at Texas A & M University — analyzes the current environment by noting:
“ … unlike past experiences when high foreclosures levels were primarily driven by national, regional or local economic contractions, the recent phenomenon is more directly linked to unprecedented mortgage terms and aggressive lending practices.”
The report also includes additional commentary from FEAC members regarding factors that could have a significant impact on the economy and housing market in the future. The following FEAC members are available to expand on commentary related to the report:
- Jim Gaines, Ph.D. — Research Economist, Texas A&M University
- Brad Geisen — President and CEO, Foreclosure.com
- Glenn Gromann, Esq. — Partner, Smith & Gromann, P.A.
- Michael Hardiman, CPM, CCIM, CSM — President and CEO, National Home Management Solutions
- Wanda A. Alexander — CEO, Horizon Consulting, Inc.
For specific data, to obtain a copy of the report or to speak with a FEAC member regarding trends, please contact Jocelyn Jara at (305) 520-9030.
About the Foreclosure Economic Advisory Council:
The Foreclosure Economic Advisory Council (FEAC) analyzes national foreclosure trends to better support the goal of sustainable homeownership. The not-for-profit organization is comprised of real estate experts who examine national foreclosure data to develop an understanding of its causes. The FEAC will publish reports each quarter that review the recent United States foreclosure market, provide graphical representation of foreclosure “hot spots,” and analyze quarterly data. On the Web: http://www.feaconline.org.
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