The RealtyTrac foreclosure report for the first quarter of 2008 is out. It shows foreclosures increasing more than 23% nationwide as compared to the fourth quarter of 2007, and a disturbing 112% year-over-year increase from the first quarter of 2007.

RealtyTrac CEO James J. Saccacio says in the report that "Foreclosure activity in the first quarter increased on a year-over-year basis in 46 out of the 50 states and in 90 of the nation’s 100 largest metro areas, demonstrating that most regions of the country are seeing more foreclosures."

Florida was fourth highest on the list with one foreclosure per 97 households, double the national rate. There were 87,893 foreclosures in Florida, a 178% increase over the first quarter of 2007 and a 17% increase over the fourth quarter of 2007. Georgia was sixth on the list, with one foreclosure per 136 households. Tennessee was number thirteen, with one foreclosure per 216 households.

The total number of foreclosures in Southern states including Texas was 197,425. The average percentage increase in foreclosures was 30% from Q4 2008, and 108% year-over-year from Q1 2007.

States with the lowest rate of foreclosure were West Virginia, Mississippi, Alabama, Kentucky, and South Carolina. All of those states, however, saw an increase from Q4 2007 except Mississippi, which had a reduction of -7.66%.

In related news, nationwide home vacancies hit a new record of 18.6 million unoccupied homes, or 2.9% which is the highest number on record since 1956. Analysts say foreclosures are a factor, but so are falling prices, which are making buyers wait for the market to bottom out. According to the Bloomberg report, Fannie Mae says home prices may decline up to 5.8% in 2008, the most on record.

Labels: economy, foreclosure

The entire country is reeling from the mortgage foreclosure disaster, and the South has been hit especially hard. And when families lose their home, dogs and other pets are often left in bad situations -- abandoned or taken to shelters struggling to meet the growing demand for services.

The victims include dogs like 12-year-old Dexter and Avery of Tampa Bay, Fla. After their owner lost his home to foreclosure and ended up living in his car, he took the terrier mutts to the local shelter, where Director Sherry Silk has seen an influx of pets surrendered under similar circumstances:

"It's really hitting the animals hard," Silk said. "The animals are often the first things to go. It's very, very sad."

To help, the Humane Society of the United States has established the Foreclosure Pets Fund, which offers grants to local shelters, rescue groups and animal care and control agencies to help establish, expand or publicize services or programs that help families care for their pets during the economic crisis. Grants range from $500 to $2,000 per organization.

"Dealing with a financial crisis is scary enough," says Stephanie Shain, HSUS director of outreach for Companion Animals. "We hope to ease the burden in some way for families by helping their local shelter help them keep their pet home and part of the family."

If you'd like to contribute to the fund, you can make a tax-deductible donation online here or make out a check payable to The HSUS and send it to The Humane Society of the United States, 2100 L St., NW, Washington, DC 20037. Write "Foreclosure Pet Fund" in the check's memo line.

Labels: foreclosure, friday dogblogging, Humane Society of the United States