Foreclosures Up Yoy 65%
RealtyTrac reported the highest monthly number of foreclosures in their brief 3 year history.
In April 243,353 properties went into foreclosure, a 4% increase from the previous month and a nearly 65% increase from April 2007.
James J. Saccacio, CEO: "the total number of U.S. properties with foreclosure activity in April was
the highest monthly total we've seen since we began issuing the report in January 2005.
these properties contribute to already bloated inventories of homes for sale, and put downward pressure on home values.
Property tax bases are eroding, putting municipal budgets in peril."
We've Nattered before about lenders not sending delinquency or NOD's to customers in arrears...
Rick Shargo of Realtytrac: "In states like Michigan, we’re hearing from some of the trustees who actually do the foreclosures
that the lenders have asked them to slow down because they don’t want to process any more
into a market that won’t absorb the properties back through sales."
The Nattering One muses... According to banking estimates, May and June of this year,
are supposed to be the peak of adjustable rate mortgage resets from subprime loans initiated in 2006.
More defaults, foreclosures & REO inventory means lower prices.
In April 243,353 properties went into foreclosure, a 4% increase from the previous month and a nearly 65% increase from April 2007.
James J. Saccacio, CEO: "the total number of U.S. properties with foreclosure activity in April was
the highest monthly total we've seen since we began issuing the report in January 2005.
these properties contribute to already bloated inventories of homes for sale, and put downward pressure on home values.
Property tax bases are eroding, putting municipal budgets in peril."
We've Nattered before about lenders not sending delinquency or NOD's to customers in arrears...
Rick Shargo of Realtytrac: "In states like Michigan, we’re hearing from some of the trustees who actually do the foreclosures
that the lenders have asked them to slow down because they don’t want to process any more
into a market that won’t absorb the properties back through sales."
The Nattering One muses... According to banking estimates, May and June of this year,
are supposed to be the peak of adjustable rate mortgage resets from subprime loans initiated in 2006.
More defaults, foreclosures & REO inventory means lower prices.
Comments