Friday, October 14, 2011

Foreclosures continue to plague housing market

No big news that more are going to foreclosure....
If you are a realtor you already know this.....

Foreclosures continued to plague the U.S. housing market last quarter, while a a growing backlog has caused the length of the foreclosure process to drag on and on.

Nationwide, foreclosure filings totaled 610,337 in the third quarter, an increase of less than 1% from the previous quarter, said RealtyTrac, an online marketplace for foreclosed properties.

Even though the increase was small, it is significant since it broke the trend of three consecutive quarterly decreases, said RealtyTrac Chief Executive James Saccacio.

"This marginal increase in overall foreclosure activity was fueled by a 14% jump in new default notices, indicating that lenders are cautiously throwing more wood into the foreclosure fireplace after spending months spent trying to clear the chimney of sloppily filed foreclosures," he said.

Home ownership: Biggest drop since Great Depression

Month-over-month, there were fewer foreclosures. Nationwide filings totaled 214,855 in September, a decrease of 6% from August and a 38% decrease from September, 2010.

"While foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up," said Saccacio.

Meanwhile, the time it takes to process foreclosures continued to grow. During the third quarter, once a bank began the foreclosure process it took an average of 336 days to complete, according to RealtyTrac. That's up from a nationwide average of 318 days during the second quarter. It's also the longest average foreclosure period going back to the first quarter of 2007, before the housing crisis began.

In New York and New Jersey, it took nearly three times as long for the foreclosure process to be completed. In the Empire State, it took an average of 986 days for the average foreclosure to be processed -- the longest in the country -- while in the Garden State, it took 974 days, according to RealtyTrac.

Compare that to Texas, where it took an average of 86 days to complete a foreclosure in the third quarter, the fastest foreclosure process in the nation, the company said.

Nevada, once a boom state for real estate, maintained its current title as the poster child for foreclosures. The state had the nation's highest foreclosure rate: one in every 44 housing units.

30-year mortgage rates fall below 4%

California had twice the rate of Nevada, but it still had the second-highest foreclosure rate, with one in every 88 units.

View this article on CNNMoney


Zowe Van Jones said...
This comment has been removed by the author.
tampa foreclosure attorney said...

It's not surprising if foreclosure cases keep on increasing every time. Bankers are only playing the people like dominoes.

Cathlea said...

Foreclosure is still a problem whether the number is just minimal. It only reflects that there people who are becoming homeless.

hardwood flooring tampa bay said...

The never-ending foreclosure cases are due to the housing bubble that took place years ago. As long as the big banks and Fed are still on the loose, the problem will perhaps go on.

JayFox said...

Any foreclosure at this critical moment of economic meltdown only means bad news. It isn't the fault of the citizens but the selfish government that is playing like god. Get your back pains treated at Midtown Manhattan Chiropractor today!

samZ said...

Perhaps those who have lost their homes should already have a good understanding of how the current government regime acts with the problem. It's pretty obvious that the officials are in favor of the big corporations and not for the ordinary citizens. Improve your business status with low-cost marketing ideas Tampa Bay available today!

daphne said...

Foreclosures are just inevitable if the current financial crisis continues to go out of hand. There is really something wrong going on with the government. This issue calls for an immediate solution.
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Tamarat said...

I believe that foreclosures will continue to be a problem for the next ten years or so. It use to be a time where owning your home was a life goal, now it is just surviving. Instead of buying homes most of my friends have resorted to just remodeling their family homes with the goal of just keeping up a legacy. However, finding a reputable handyman in san jose can be a hard job since most of them are in a bad spot due to the restate crash. I myself have also decided to renovate my families home instead of purchasing a home for myself.