The highest amount of Foreclosure Filings in over 17 months. There are an amazing amount of scheduled for closing auctions 60,00 in October the highest level in 17 months since May of 2013.
There were 29 states where the scheduled foreclosure auctions have increased.
Banks and the courts, clearing out old distressed loans, are now being scheduled…
People that have been in foreclosure limbo are coming out of the woodwork, and will continue to come out into the new year. The foreclosure stages, these are in the later stages, new foreclosures just starting the process are down. These newer foreclosure defaults across the country are down, down 1% from one month
Old foreclosure inventory,
New foreclosures coming into the pipeline
The states with the highest Foreclosures
Maryland, Florida , Nevada, Ohio , Illinois,
These do include Bank repossessions.
Florida has actually decreased as a state but because the problem was so severe, it is still number two in highest foreclosures.
Scheduled foreclosure auctions.
Up 118 % Maryland
NY 89% from one year ago.
There is no indication of new flare ups in foreclosure, this is the backlash of the 2008
79% of the properties nationwide, that are in foreclosure, are loans that were originated before 2008, after 2008 the foreclosure rates dramatically go down, because of the housing bubble.
As there is more Loosening credit and making credit more available, these might rise, but not back to the level we saw in 2009 or 2010