NH Foreclosure Update: Foreclosures Increase Steadily as the Subprime Loan Fallout Continues

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ForeclosuresNH.com predicts that inventories of bank owned properties (REO) will swell as the real estate market enters the slower fall/winter months.

ForeclosuresNH.com, NH's primary resource for foreclosure and bank owned property, reported 455 foreclosures posted in the month of June, an increase of 13% from May 2007 and a 35% increase from June 2006. This brings the total number of foreclosures posted in the first half of 2007 to 2495, compared to the 1343 foreclosures posted in the first half of 2006, an 86% increase.

The subprime loan fallout and continues to be to blame for the spike in foreclosures not only in NH but also across the country. Other factors contributing to the rise in foreclosures in NH is the stagnant real estate market and increased inventory of real estate. Selling real estate is going to be more difficult as we enter the fall/winter months, typically the time of year with fewer buyers.    

"Investors looking for deals in real estate right now are not finding them at foreclosure auctions, they are finding them in REO's," says James Kenney, president of ForeclosuresNH.com. "A majority of foreclosures are being sold back to the bank because there is not enough equity to make it a worthwhile investment to purchase them at auction. In addition to the lack of equity, there is also the added cost paying the back taxes, performing repairs, and evicting any occupants (this can also be a very time consuming process). With REO's, banks will have the tax liens removed, perform any necessary repairs, evict any occupants, and provide title insurance. In addition to this, the banks will periodically reduce the price of these properties in attempt to sell. It is clear that investors will save time and money investing in bank owned property and our website provides a database of over 825 bank owned properties in NH.

About ForeclosuresNH
ForeclosuresNH provides detailed foreclosure and REO listing databases that are updated daily. We give our subscribers a distinct advantage in the NH foreclosure/REO market by providing them with the resources necessary to be successful. We pride ourselves in not only providing accurate foreclosure data but also a support network for our subscribers, regardless of their experience.

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James Kenney

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