Each weekday, Chris Slusher of The Private Bank publishes the “Capital Markets Update”, an incredibly valuable and insightful collection of timely market information. Recently, he included the following update on foreclosures. Note the encouraging news toward the end.
U.S. lenders initiated foreclosure proceedings on more properties during the third quarter, the first increase in a year, as a backlog stemming from claims of faulty home seizures began to ease. New foreclosures rose to 1.08% of all loans, the Mortgage Bankers Associated reported yesterday. Foreclosures had been dropping since the third quarter of 2010, when regulators began investigating so-called “robo-signing,” the practice of pushing through unverified paperwork. Several of the nation’s largest banks instituted temporary moratoriums on foreclosures at the end of last year while they addressed claims of flaws in their foreclosure procedures. Having cleaned up their processes and paperwork, banks are now accelerating the process, resulting in an increase in foreclosure filings. While foreclosures are picking up, the number of new properties entering the foreclosure pipeline may be set to decline as more households are paying their bills on time. The delinquency rate for U.S. home loans fell to 7.99% from 8.44% in the prior period. Florida continues to lead the nation in foreclosures with 14.5% of all loans currently subject to foreclosure proceedings.
If you wish to discuss how EpiCity can assist you with your current real estate needs or if you wish to pursue current investment opportunities please visit www.EpiCity.com or call Tom Stokes 404-995-9494 or Jim LaVallee 404-995-9494.