Default Notices Fall For 9th Straight Month

Default notices fell 2.0 percent in October and were 19 percent below year-before levels, according to RealtyTrac’s U.S. Foreclosure Market Report. It was the ninth-straight month they’ve decreased on a year-over-year basis. Total foreclosure activity was down 4.0 percent from the previous month and repossessions were down 9.0 percent. James J. Saccacio, chief executive officer at RealtyTrac, said the declines were probably due to the foreclosure freeze, which may lead to further decreases in November. More here and here.

Filed under: Uncategorized, Default Notices, Foreclosures, Housing Market, News, Real Estate, Repossessions, Trends

Foreclosures Up 4 Percent In Q3

One in every 139 housing units received a foreclosure filing during the third quarter. According to RealtyTrac’s U.S. Foreclosure Market Report, filings were reported on 930,437 properties, up nearly 4 percent from the previous quarter but down 1 percent from the third quarter of 2009. Scheduled auctions and bank repossessions hit record highs while new default notices were down one percent from the second quarter and 21 percent from last year. James J. Saccacio, chief executive officer of RealtyTrac, said the record number of foreclosures in the third quarter takes a bite out of the backlog of distressed properties. Foreclosure filings rose nearly 3 percent in September from a month earlier. More here and here.

Filed under: Uncategorized, Foreclosures, Housing Market, Inventory, News, Real Estate, Repossessions, Trends

Default Notices Drop 30 Percent From Last Year

The number of homeowners receiving initial default notices in August fell 1 percent from July and 30 percent from a year earlier. RealtyTrac’s August U.S. Foreclosure Market Report, shows total foreclosure filings, including default notices, scheduled auctions, and bank repossessions, were reported on 338,836 properties, a 4 percent increase from the month before and a 5 percent drop from 2009. James J. Saccacio, RealtyTrac’s chief executive officer, says the trend lines of decreasing default notices and increasing bank repossessions indicates the backlog of distressed properties is being carefully managed to avoid flooding the market and putting downward pressure on prices. More here, here, and here.

Filed under: Uncategorized, Delinquencies, Foreclosures, Housing Market, Inventory, News, Real Estate, Repossessions, Trends

Foreclosure Filings Up From June, Down From 2009

RealtyTrac’s U.S. Foreclosure Market Report for July shows foreclosure filings, including default notices, scheduled auctions, and bank repossessions, up nearly 4 percent from the month before. Filings were reported on 325,229 properties or one in every 397 housing units, which represents a 10 percent drop from July 2009. James J. Saccacio, chief executive officer of RealtyTrac, said the declines in new default notices have been offset by near-record levels of bank repossessions. Repossessions reached their second-highest monthly total since RealtyTrac began tracking them in April 2005 and were 1 percent below their peak in May of this year. More here, here, and here.

Filed under: Uncategorized, Foreclosures, Housing Market, News, Real Estate, Repossessions, Trends

The Foreclosure Rate And Rising Repossessions

Rick Sharga, RealtyTrac’s senior vice president, says the foreclosure rate will likely plateau at a high level through next year before starting to show any real improvement.

Filed under: Uncategorized, Foreclosures, Housing Market, Real Estate, Repossessions, Trends, Video, Views

Foreclosures Nearly Flat Year-Over-Year

Foreclosure filings were reported on 322,920 properties in May, a 3 percent drop from April and increase of less than 1 percent from a year before, according to RealtyTrac’s U.S. Foreclosure Market Report. James J. Saccacio, chief executive officer of RealtyTrac, says May’s numbers confirm that the inflow of delinquencies has slowed as lenders work through the backlog of forestalled foreclosures. In May, one in every 400 U.S. housing units received a foreclosure filing, which include default notices, scheduled auctions, and bank repossessions. More here and here.

Filed under: Uncategorized, Delinquencies, Foreclosures, Housing Market, News, Real Estate, Repossessions, Trends

Total Foreclosure Filings Fall, Repossessions Rise

Foreclosures fell year-over-year for the first time since RealtyTrac began measuring them in January 2006. The total number of foreclosure filings, which include notices of default, scheduled auctions, and bank repossessions, dropped 2 percent from a year ago and 9 percent from March. James Saccacio, RealtyTrac’s CEO, said the numbers suggest foreclosure activity has begun to plateau but will not drop off anytime soon. Saccacio believes the overall numbers will stay high and repossessions will hit record levels as lenders work through the backlog of distressed properties. In April, 92,432 homes were repossessed, a 45 percent increase over the same month last year. More here, here, and here.

Filed under: Uncategorized, Foreclosures, Housing Market, News, Real Estate, Repossessions, Trends