Thursday, October 14, 2010

Foreclosures Still Soar in the U.S. to 102k+

Banks in the U.S. foreclosed 102,134 houses in September, wit data according to real estate company RealtyTrac

Foreclosures have been in all the news lately  as "lenders work through questionable paperwork". However, bu notr foreclosing, lenders also get to avoid declaring bad loans and continue to have inflated balance sheets.

The campany says foreclosures could spike after if lenders "are able to quickly resolve the paperwork questions". "However, if the documentation issue cannot be quickly resolved and expands to more lenders we could see a chilling effect on the overall housing market as sales of pre-foreclosure and foreclosed properties, which account for nearly one-third of all sales, dry up and the shadow inventory of distressed properties grows - causing more uncertainty about home prices,"

In Q3 2010 there were 930,437 foreclosure filings, a 4% increase over Q2. One in every 139 homes received a foreclosure filing in Q3.

On Wednesday, all 50 states launched a joint investigation of the mortgage industry after widespread reports of mortgage industry officials signing foreclosure documents without knowing their contents.

Nevada had the highest foreclosure rate for the 45th straight month, then followed by Arizona, Florida, California and Idaho.

Stumble Upon Toolbar

No comments:

Financial TV

Blog Archive

// adding Google analytics