The 10-year residential foreclosure trends show an upward spike from 2007 onwards. Though the foreclosure trend was stable from 2003 onwards with a slight surge towards 2005 and a downward fall since then there has been a significant increase in residential foreclosures from 2007 onwards. The noteworthy thing about residential foreclosures is the number of yearly foreclosure filing in the country.

Between the years 2003 to 2006, around 10,000 residential foreclosure filings were reported in the country. This surged to 26,000 in 2007 showing a huge jump from previous year. This was mainly due to the economic downturn in the country followed by job losses in all sectors. However, the disturbing fact is that the trend showed 56,000 foreclosure filings for residential properties in 2008.

This meant that foreclosures of residential properties had more that doubled from the previous year. The 2009 foreclosure filing was reported at close to 24,000 across the country. Therefore, a large chunk of residential properties is up for sale under the foreclosed property listings. The single-family residential units have been severely hit with more than 63% of foreclosed properties comprising of them. Condominiums comprise the next highest part of residential foreclosed listing with 36% up for sale right now.

The increase in residential foreclosure listing is quiet evident in locations where unemployment has taken a major toll on living conditions of the people. However, future trends suggest that the residential foreclosure listings might be leveling off with recovery expected in the next few years. With improvement in the economy and purchasing power of the investors, things are going to improve in the future. Government is also taking the necessary steps at local levels to make sure that there is some sort of stability in the real estate market. sujit kumar