Foreclosure auctions hit new record…Hamilton Mill Dacula Ga Short Sale Update
RealtyTrac says 372,445 foreclosure auctions were scheduled in July, August and September, while 288,345 properties were repossessed by lenders over the same time period. Overall foreclosure filings edged up to 930,437 in the third quarter, a 4% increase from the previous quarter. One in every 139 homeowners received a foreclosure filing during those three months. Bank repossessions, or REOs, also are on the rise. In September, a record 102,134 homes were taken back by banks. It’s the first time repos have topped 100,000 in a single month. The uptick is not expected to last, RealtyTrac CEO James Saccacio said in a statement, because several major loan servicers have halted foreclosure sales pending a review of documents. Nevada had the nation’s highest foreclosure rate, up 1% from earlier, for the 15th quarter in a row.
One in every 29 Nevada homes received a foreclosure filing during the third quarter. Looking at total numbers of foreclosures, neighboring California was worst, with 191,016, followed by Florida, Arizona, Illinois and Michigan. Combined, the five states accounted for half of all foreclosures last quarter. Of course, once the moratorium ends, we can expect a new tidal wave of foreclosures. John McGeough, a broker, said that the current foreclosure freeze may give distressed homeowners extra time to do a short sale and avoid having their homes repossessed by the banks. “Foreclosure should be the last resort.”
- More Than 100,000 Homes Repossessed in September (dailyfinance.com)
- Foreclosure auctions hit record as document crisis unfolds (money.cnn.com)
- Foreclosure Record: 100,000 Homes in 1 Month (abcnews.go.com)
- Just In Time For The Freeze, House Repossessions Pass 100,000 For The First Time Ever In September (businessinsider.com)
- RealtyTrac: Record Repossessions reported in September (calculatedriskblog.com)
- September U.S. home foreclosures top 100,000 for first time (financialpost.com)
- U.S. home foreclosures top 100,000 for first time (financialpost.com)
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