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New Foreclosures

January — June 2008

New foreclosures ranged from a low of 91,881 in March to a high of 99,350 in May, before declining to 96,110 in June. New foreclosures totaled 288,740 in the second quarter, 3.5 percent higher than the 278,857 reported in the first quarter.

During the second quarter, 42 percent of all new foreclosures were prime mortgages and 26 percent were subprime mortgages. Prime and subprime mortgages constitute 66 percent and 9 percent of the total portfolio, respectively.

New foreclosures as a percentage of loans in each category increased with the relative risk of each category. With the exception of subprime mortgages, the foreclosure rate has been relatively stable over the reporting period.

 

New ForeclosuresJan-08Feb-08Mar-08Apr-08May-08Jun-08

Prime

32,422

34,307

38,440

39,431

41,693

39,355

Alt-A

20,306

20,783

19,806

19,706

20,862

19,564

Subprime

28,452

26,444

22,243

23,126

25,954

25,634

Other

11,995

12,267

11,392

11,017

10,841

11,557

Overall

93,175

93,801

91,881

93,280

99,350

96,110

 

New Foreclosures
(% of total loans
in each category)
Jan-08Feb-08Mar-08Apr-08May-08Jun-08

Prime

0.14%

0.15%

0.17%

0.17%

0.18%

0.17%

Alt-A

0.57%

0.58%

0.56%

0.55%

0.58%

0.55%

Subprime

0.91%

0.85%

0.72%

0.75%

0.84%

0.84%

Other

0.23%

0.23%

0.22%

0.22%

0.21%

0.22%

Overall

0.27%

0.27%

0.27%

0.27%

0.29%

0.28%


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