Tuesday, November 17, 2015

RealtyTrac: Foreclosure starts post highest jump in more than four years. | Should the industry be concerned?

"Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 115,134 U.S. properties in October, up 6% from the previous month. This is still down 6% from a year ago, the latest RealtyTracForeclosure Market Report for October 2015 showed.
The rise was caused primarily by a 12% monthly jump in foreclosure starts, with 48,605 properties starting the foreclosure process for the first time in October.
This increase marks the largest month-over-month increase since August 2011, when there was a 24% month-over-month increase. Despite the month-over-month increase, foreclosure starts in October were still down 14% from a year ago.
Click to enlarge
(Source: RealtyTrac)
While this increase isn’t a giant surprise, it did exceed expectations.
“We’ve seen a seasonal increase in foreclosure starts in October for the past five consecutive years, so it’s not too surprising to see the monthly increase this October,” said Daren Blomquist, vice president at RealtyTrac.
“However, the 12% increase this October is more than double the average 5% monthly increase in the past five Octobers, and the even more dramatic monthly increases in some states is certainly a... "

RealtyTrac: Foreclosure starts post highest jump in more than four years | 2015-11-12 | HousingWire

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