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Default Notices Rise

Wednesday, September 28, 2011   /   by Justin Hoffmann

Default Notices Rise

Home values have fought a hard battle the past few years. Credit woes and a depressed jobs market dragged values downward. It has been distressed properties, however, that have sapped the life out of many neighborhoods.

RealtyTrac, the leading online marketplace for foreclosure properties, reports that foreclosure filings rose a worrisome 7 percent in August.

Analysts had previously speculated that declines in foreclosure rates this summer were only temporary symtoms of delays caused by robsigning and other documentation problems. This latest report indicates this may indeed have been the case.

Default notices, according to RealtyTrac report's, are up 33 percent from July. This is the most substancial jump since August of 2007.

“The big increase in new foreclosure actions may be a signal that lenders are starting to push through some of the foreclosures delayed by robo-signing and other documentation problems,” said James Saccacio, chief executive officer of RealtyTrac. “It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process.”

According to RealtyTrac, "Default notices increased more than 40 percent on a month-over-month basis in several states, including New Jersey (42 percent), Indiana (46 percent) and California (55 percent), but were still down from a year ago in all of those states."

Multiple states have also seen an increase in the number of scheduled foreclosure auctions. Oregon was up 19 percent. Arizona saw an increase of 20 percent, Georgia rose 22 percent, and Colorado rose a huge 51 percent.

The silver lining of this most recent report is that foreclosure filings are down 33 percent from August 2010, leaving the current rate as 1 in every 570 U.S. housing units with a filing during this August.

by Carla Hill

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