Foreclosure Inventory
The servicer has referred the loan to an attorney for foreclosure. Loans remain in foreclosure inventory from referral to sale.
Inventory is continuing to rise rather dramatically – up 7.1% since June – and up 5.2% from the same time last year. This is not good news as this inventory will be placed on the market in coming months at discounted prices. That will put downward pressure on all housing values. Inventories are 7.4 times historical averages and continuing to rise.
The two greatest percentage increases in foreclosure inventories since 2008 come from jumbo prime and prime mortgages.
The movement of foreclosed inventory to REO (foreclosed properties on the market) dropped dramatically in October. The monthly decrease could be explained by the moratorium put into effect by some banks because of the robo-signing challenge.
Foreclosure Starts
Any active loan that was not in foreclosure in the prior month that moves into foreclosure inventory in the current month.
There were 263, 251 foreclosures started last month. This is down 4.4% from the previous month but up 2.9% from last year’s numbers. The monthly decrease could be explained by the moratorium put into effect by some banks because of the robo-signing challenge.
Loans NOT Yet in Foreclosure
The percentage of loans not yet in foreclosure that has not had a payment made in over six months.
27.2% of loans 6 months behind are still NOT in foreclosure
21.1% of loans 12 months behind are still NOT in foreclosure
19.2% of loans 18 months behind are still NOT in foreclosure
18.3% of loans 24 months behind are still NOT in foreclosure
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
1 comment:
First thing you must know about defending the home against foreclosure is you have rights. You need to know what those rights are. For anyone who is blind to your rights, you then don't have any rights. As more and more homeowners find out about this issue, a lot of people are understanding how to deal with the problem.
Bradenton Foreclosure Lawyers
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