More than 342,000 households received at least one foreclosure-related notice in April, RealtyTrac Inc. said. That means one in every 374 U.S. housing units received a foreclosure filing last month, the highest monthly rate since the Irvine, California-based foreclosure listing firm began its report in January 2005.
April was the second straight month with more than 300,000 households receiving a foreclosure filing, as the number of borrowers with mortgage troubles failed to abate.
The April number, however, was less than 1 percent above that posted in March, when more than 340,000 properties were affected. The March data was up 17 percent from February and 46 percent from a year earlier.
"We've never seen two consecutive months like this," said Rick Sharga, RealtyTrac's senior vice president for marketing. "It's the volume that's surprising."
While total foreclosure activity was up, the number of repossessions by banks was down on a monthly and annual basis to their lowest level since March of last year, RealtyTrac said.
But that's far from positive news. Because much of the foreclosure activity in April was in the default and auction stages -- the first parts of the foreclosure process -- it's likely that repossessions will increase in coming months, RealtyTrac said.
About 63,900 homes were repossessed in April, down 11 percent from about 71,700 in March, RealtyTrac said. But the mortgage industry has resumed cracking down on delinquent borrowers after foreclosures were temporarily halted by mortgage finance companies Fannie Mae and Freddie Mac, together with many other lenders.
"All of these loans are now being processed pretty rapidly by the servers," Sharga said.
5 comments:
So we should see the numbers peak in July to September time period?
Who knows anymore. Every time I turn around the friggin government is rolling out another bailout, workout or moratorium.
The Option Arm default wave is just starting to hit. Those resets go through Sept 2012. They peak in late 2011. Add in the Alt-As and the unemployment related losses and we should be in for several years of very high foreclosure numbers.
September is spot on. We are in a holding pattern that is set for the banks to open the flood gates. The feds and the banks are now ready to take back the prison.
They created a false bottom to give the 1st round of buyers false hope. Mutiple bids on properties in the IE due to the lack of deliverable title. The moratorium was to help the banks get their guns loaded, not to help the home owner.
They now have everything in place. Blood on the streets is a given.
Could you explain further about "Mutiple bids on properties in the IE due to the lack of deliverable title"?
thanks!
multiple bids- multiple people making offers for the same property for sale.
in a multiple offer situation, the price of the home will get bid up, like an auction. The listing office will counter offer the offers with a highest and best offer.
Properties have received these multiple offers because only a few homes can really sell.
We know there are a ton of properties on the MLS, however many are shortsales.
Many don't consider a short sale a deliverable title. The bank that owns the note needs to agree to the lower price. This takes months, and many buyers won't wait for this to happen, if it happens at all.
So with this in mind, the nice homes, that people want to buy have been far and few.
We will get up to 20 offers for a property we list, within the 1st 3 days. We can deliver title.
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