Solving the Post-Close Challenge with Intelligent Automation

Join our upcoming webinar as SoftWorks AI CEO and Avanze CEO explore the advances in tech that allow for greater levels of automation and cost reduction, especially in support of post-close and pre-fund review.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

Top CFPB official “hates” QM rules, jeopardizing safe harbo

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

How borrower education can make housing more attainable

The current housing market is making it difficult for prospective buyers to afford a home. Housing professionals need to find ways to better meet buyer needs.

Mortgage

RealtyTrac: Foreclosures increase for two months straight

Biggest monthly increase in 4 years

Foreclosure filings, including default notices, scheduled auctions and bank repossessions, increased 15% from last month but are still down 8% from a year ago levels, RealtyTrac’s OctoberForeclosure Market Report said.

This is the largest month-over-month increase since U.S. foreclosure activity peaked in March 2010.

In October, a total of 59,869 properties were scheduled for foreclosure auction during the month, up 24% from the previous month and up 7% from a year ago to the highest level since May 2013.

Scheduled foreclosure auctions in judicial foreclosure states, where foreclosures are processed through the court system, increased 21% from the previous month and were up 3% from a year ago and.

Meanwhile, scheduled foreclosure auctions in non-judicial states increased 27% from the previous month and were up 14% from 2013.

But this news is not a significant surprise, Daren Blomquist, vice president at RealtyTrac, said.  

“Over the past three years there has been an average 8% monthly uptick in scheduled foreclosure auctions in October as banks try to get ahead of the usual holiday foreclosure moratoriums,” said Daren Blomquist, vice president at RealtyTrac.

However, Blomquist added that the sheer magnitude of the increase this year demonstrates there is more than just a seasonal pattern at work.

“Distressed properties that have been in a holding pattern for years are finally being cleared for landing at the foreclosure auction,” he said.

In addition, scheduled foreclosure auctions increased from a year ago in 29 states, including Oregon (up 399%), North Carolina (up 288%), New Jersey (up 118%), New York (up 89%), Connecticut (up 60%) and Nevada (up 53%).

(Source Zillow; Click to enlarge)

Foreclosure Nov

Most Popular Articles

Mortgage forbearance drops to 4.36%, exits pick up steam

The downward trend of borrowers in forbearance picked up speed in the last week of April, falling 11 basis points to 4.36% of servicers’ portfolio volume.

May 10, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please