OCC: Newly Initiated Foreclosures

Newly Initiated Foreclosures

Fourth Quarter 2008

The number of newly initiated foreclosures declined for the second consecutive quarter, falling 6.5 percent from the third quarter to 262,906. Newly initiated foreclosures decreased for every risk category except "other," which increased by 744, or 2.4 percent, from the third to the fourth quarter.

Newly initiated foreclosures were concentrated disproportionately in subprime loans, which experienced 26 percent of all newly initiated foreclosures in the quarter, despite representing only 9 percent of all loans.¹⁵

Number of Newly Initiated Foreclosures
	First Quarter	Second Quarter	Third Quarter	Fourth Quarter
Prime	105,698	121,058	117,285	109,379
Alt-A	61,187	60,427	57,648	53,957
Subprime	77,539	75,030	75,786	68,247
Other	35,737	32,174	30,579	31,323
Overall	280,161	288,689	281,298	262,906

Number of Newly Initiated Foreclosures

¹⁵ The drop in completed and newly initiated foreclosures may reflect national emphasis on preventing foreclosure, as well as state moratoria laws and voluntary suspension of foreclosure proceedings by servicers in anticipation of a federal program governing loan modifications.

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Newly Initiated Foreclosures

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