Breaking! – Default notices spike in third quarter

by on October 13, 2011

I wasn’t sure when it would happen, but it appears we are in for a wild ride this fall and winter.  Bank-owned inventories will swell this winter and I’m already seeing signs in my local market of a rise in listing inventory. Two homes in my neighborhood which have been vacant for over two years, went on the market this week.  Last month inventories showed just under 8 months of housing inventory for sale, the lowest in five years in my local market. What does an increase in  listing inventory mean to buyers – stable prices and “great buys!”

Read on…..


Smart Real Estate News & Commentary by Chris McLaughlin

Default notices were filed on 195,878 properties in the third quarter, jumping 14% from the previous quarter and the first increase in five quarters, a report by RealtyTrac says.  Notices were down 27% from the same time a year ago.  Foreclosures fell 4% to 196,530 homes and were down 32% from the third quarter 2010. Even so, some states saw significant increases, including Massachusetts, which surged 62% from the second quarter.  Foreclosure activity was halted temporarily late last year due to claims that lenders relied on “robo-signing,” where documents were signed without reviewing the case files.  “The trend to me shows the front end is now starting to flow a little bit,” said RealtyTrac chief executive James Saccacio.  For September, default notices fell 10% to 70,710 after hitting a nine-month high in August.  Foreclosures last month totaled 65,047 homes, edging up 0.4% from August.  Nevada had the country’s highest foreclosure rate last quarter, with one in every 44 homes with a foreclosure filing.  While foreclosures in Nevada decreased from the second quarter, default notices jumped more than 15%.

Click her to get Chris’ daily digest


Chris McLaughlin

Chris is widely known as America’s top Real Estate Attorney and Investment Consultant.

Copyright Loss Mitigation Institute LLC 2010. All Rights Reserved.


Shared with permissions.

Copyright True Point LLC 2011.

All Rights Reserved.

Comments on this entry are closed.

Previous post:

Next post: