I’ve been hearing it over the last week or so (really it’s been over the last few years!) – people telling me that they’ve “heard” that more foreclosures are coming. This nonsense is driven every year by RealtyTrac, a company that SELLS FORECLOSURE SUBSCRIPTIONS.
More U.S. homes are entering the foreclosure process, setting the stage for a surge in properties repossessed by lenders this year. The number of homes that received first-time foreclosure notices rose 7 percent in March from the previous month, foreclosure listing firm RealtyTrac said Thursday.
That marks the third consecutive monthly increase this year and reflects stepped-up efforts by banks to take action against homeowners who fail to keep up with mortgage payments. “We’re not out of the woods yet with foreclosures,” said Daren Blomquist, a vice president at RealtyTrac. “There are more batches of foreclosures coming through the pipeline.”
It would be great news for homebuyers to see more well-priced inventory hit the market, but don’t get your hopes up. If there were increasing foreclosure filings around San Diego County, they would only get us back to where they were previously – an era which we handled quite nicely, thank you:
The quote makes it sound like a 7% increase in new filings is troubling, and we know that filings are different than foreclosures (new filings in SD County were down 12% between 4Q11 and 1Q12).
If actual foreclosures rose 75% between 1Q12 and 2Q12, we’d be back to 2Q10 levels.
To paraphrase John Lennon, “Life is what happens while you wait for more foreclosures!”