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Article posted on 08/30/10
Author: Jay Birch

Foreclosure and Mortgage Rate Reports Spark Web Trends

"Home foreclosures" was among the top trending topics this weekend. The total number of foreclosure-related filings across the nation, including bank repossessions, scheduled auctions, and default notices, climbed 4 percent for the month from June to 325,230. Nevada had the highest default ratio with one out of every 82 residences in one stage or another of the foreclosure process. The total number of filings for the state, 13,726, represents a 7 percent jump from June's total. Arizona had the second highest rate followed by Florida. Five states accounted for more than half of the nation's foreclosures. Leading the way in total foreclosure filings was California, with 66,611 foreclosures, or just over 20 percent of the nation's total. Coming in second in total defaults was Florida, followed by Illinois, Michigan, and Arizona. The national ratio of residences in some stage of the foreclosure process was one in 398.

"Mortgage rates" has also been a high trending web search after Freddie Mac released its weekly interest rate survey results. The report showed the average for a 30 year fixed-rate mortgage at 4.49 percent last week, up slightly from the 4.44 percent average the previous week. The average rate for a 15 year fixed-rate, meanwhile, came in at 3.92 percent, down from 3.95 percent a week ago. All available data indicates that despite near-record low mortgage rates, demand in the housing market remains anemic.

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