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  http://www.smartrealestatenews.com/

 

Chris McLaughlin

Chris is widely known as America’s top Real Estate Attorney and Investment Consultant.  http://www.smartrealestatenews.com/

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: