Foreclosures up 9% over last year
The number rose in 26 states and fell in 24, reflecting the increase in activity where the robo-signing scandal had stalled the process.
Foreclosures have risen 9% since this time last year, a sign that lenders are moving to complete the process on homes that were stuck in the pipeline during the robo-signing scandal.
While the number of homes in foreclosure is 32% fewer than the 2.2 million at the peak of the foreclosure crisis in December 2010, the number has been creeping up. From the May 2012 low of 1.3 million, the number rose to 1.5 million in the first quarter of 2013, according to a new analysis by RealtyTrac.
"Delinquent loans that fell into a deep sleep after the robo-signing controversy in late 2010 are gradually coming out of hibernation,” Daren Blomquist, vice president at RealtyTrac, said in a news release. He attributed part of the increase to last year’s national mortgage settlement, which allowed the banks to move forward with foreclosure cases that had been frozen in judicial foreclosure states.
RealtyTrac’s first U.S. Foreclosure Inventory Analysis found that the number of foreclosures increased year-over-year in 26 states and decreased in 24, plus the District of Columbia. Most of the states that showed increased foreclosure activity require foreclosure cases to go through the courts. The two nonjudicial states showing the greatest increase in foreclosure activity were Washington, up 39%, and Arkansas, up 28%.
The report measures homes that are in the foreclosure process or are bank-owned.
All the increase in foreclosure inventory came from pre-foreclosure activity, which increased 59% over a year ago. The number of homes scheduled for foreclosure auction was down 25%, and the number of bank-owned homes fell 3%.
The report also revealed one of the reasons the inventory of for-sale homes is down. The number of foreclosures listed for sale fell 43%, though the number of foreclosures not listed rose 12%.
The report also looked at homes that are in the foreclosure process and are likely to come to market in coming months, often described as the "shadow inventory."
These are the states that showed the biggest increase in unlisted foreclosure inventory, homes that have started the foreclosure process but are not yet for sale:
- New York: 129%
- Florida: 82%
- New Jersey: 49%
- Washington: 41%
- Pennsylvania: 39%
- Illinois: 37%
- Massachusetts: 33%
- Indiana: 32%
- Arkansas: 30%
- Ohio: 25%
- South Carolina: 24%
These are the states that showed the biggest decrease in unlisted foreclosure inventory:
- Oregon: down 50%
- California: down 31%
- Nevada: down 26%
- Utah: down 25%
- Georgia: down 21%
- Michigan: doesn 19%
- Virginia: down 18%
- Arizona: down 15%
- Tennessee: down 13%
- Colorado: down 13%
- Texas: down 11%
Thanks to America politicians and greedy businesses outsourcing our jobs. All part of the plan to transition into the new United Socialists of America plan. I'm sure the journalist must know that those who are purchasing these depressed properties are our communist comrades from China.
In God I trust, who else is there?
I ahve tried to go for bank owned houses...the listing agents dont respond back or say that it is already under contract wheres no sign for the under contract goes up for weeks...
The listing agents are colluding with bank officials to unload the houses at low cost to theri friends or family; or they are making money off those. There needs to be investigation and proper procedure followed. These guys are turning bids away and not taking offers.
No wonder, residential property taxes keep going up and up ever since states stopped receiving federal money, and in turn, cities and towns stopped receiving state money.
Meantime large banks are working behind the scenes in gobbling up properties whose owner have long since paid off mortgages, but cannot afford taxes,and the cost of living. Those banks of course get to write off taxes on those properties they now gobble up. This is nothing short of criminal.
Well, here we go again.........greedy investors buying up the market, inflating the home values and then dumping homes to the real home owners who only want the dream of home ownership, only to find out that that dream has once again turned into a nightmare.
And how about the lenders who are manipulating the system by steering unqualified borrower to obtain that golden credit score; then, save, beg or borrow enough money to finally "qualify" for a home that God forbid they have anything go wrong with the house and it needs repairs( after the purchase). Guess who will not have enough money to repair the house and make that mortgage payment. Sometimes it is best that you take the proper steps to work hard, save money, get your financial household in order, before you meet with that realtor.