A certain foreclosure-subscription company is always rattling their sabre about any uptick in notices. The headline for this article is: Early Stage Foreclosure Filings up Nationwide and in Most States:
http://www.mortgagenewsdaily.com/12102014_realtytrac_foreclosures.asp
But with the banks engrossed with loan-modding anyone who can fog a mirror, the only thing that matters is how many actual foreclosures are being completed. Buried deep in the article:
The dip in total filings was due to a 10 percent reduction in bank repossessions or completed foreclosures compared to October. A total of 25,249 properties were taken into bank inventories or REO, down 17 percent from November 2013.
It was the 24th consecutive month in which completed foreclosures were lower on a year-over-year basis.
The national count of completed foreclosures has been dropping for two years straight! Bill showed how delinquencies have been tapering off too:
Regardless of how it happened, it looks like a soft landing that will last – at least as long as rates are ultra-low.
Here is how the local San Diego County numbers look:
It was the 24th consecutive month in which completed foreclosures were lower on a year-over-year basis.
The national count of completed foreclosures has been dropping for two years straight!
Technically that is also falling for three years. Either way IMO it isn’t the same foreclosure of year past. The banks have permission to only FC on favorable outcomes leaving the worst to fester.
Yeah, it is a joke now.
Look at the average time to foreclose in one of the graphs at bottom – around a year’s worth of the banks begging homeowners every day to keep their house. I don’t think the banks care that much about getting the payments, they just don’t want to admit the losses.
With M2M suspended they are penalized for FC’ing on underwater properties.
Agreed. The government did everything they could to stop the foreclosing – ethically, morally, and otherwise.