Biggest Jump In Foreclosure Fillings Since 2010

By on July 9, 2015

NODs, REOs and auctions for foreclosures are on the rise – last month reaching the highest point since spring 2010. From September to October of this year, fillings jumped by a whopping 15%, so says RealtyTrac in their just released October 2014 US Foreclosure Market Report. That’s one in every 1,069 houses across the US.

Screen Shot 2014-11-13 at 10.57.12 AMEven thought that number seems high, it is really an 8% drop from last October. Scheduled auctions actually account for much of the increase – auctions are up nearly 25% from September (a little less in judicial states). So why so many more foreclosures heading to auction? Part of it is seasonal – banks wanting to get some of these off their books before the holidays, but a big percentage are because foreclosures are coming out of the holding pattern they have been in. So where is this happening the most? Certain startes are seeing a particularly high number of auctions, including Oregon (+399%), N. Carolina (+288%), New Jersey (+118%), New York (+89%), and Connecticut (+69%).

REO activity is up about 22% from September, which is the biggest increase since June 2009, representing nearly 28,000 homes.


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