OfflineForeclosure filings fell in November, but the number scheduled for bank auctions jumped significantly. A new wave of foreclosures are expected in the new year. The fall in November is considered a normal seasonal event, but the number of homes scheduled to go to auction indicates only a temporary reprieve for many.
In November, the number of foreclosure filings was 224,394, a 3% decline from October. It was a 14% decline year-over-year. However, during November one in every 579 housing units received either a default notice or went to auction or repossession, according to RealtyTrac.
There were 56,124 completed foreclosures in November, 17% fewer than the month before, and the fewest since March of 2008. This was a number off 45% from the peak in September 2010, when more than 102,000 homes were lost to foreclosure.
The recent trend downward is attributed in large part to the robo-signing scandal and the banks’ slowing down of their foreclosure processes while they cleaned up their books and adjusted procedures. These adjustments were to avoid further challenges due to paperwork issues and allegations of falsification of some documents by companies and attorneys hired to process the rush of foreclosures that began in 2007.
The most significant of the statistics is considered to be the large jump in scheduled auction sales, which grew by 13% from October to a nine month high of 96,540 properties. However, there was one small bit of good news. The number of first default notices fell by 8% from October and 9% from November a year earlier. Unfortunately, there are approximately 6 million borrowers who have missed payments.
For the 59th month in a row, Nevada led the country in defaults in November. One in every 175 housing units received a foreclosure notice during the month. However, considering metro area foreclosures, nine of the top 10 were in California. The tenth was Las Vegas, NV.
High unemployment is contributing to the troubles of homeowners, with 10.7 million, or 22.1% of all U.S. homes with a mortgage under water in September. An additional 2.4 million borrowers had less than 5% equity in their homes. The top 10 states for foreclosures in November were:
1. Nevada
2. California
3. Arizona
4. Utah
5. Georgia
6. Michigan
7. Florida
8. Illinois
9. Ohio
10. South Carolina
Investors still in the market for bargains should have plenty to investigate beginning the first part of 2012.
The only reason it seemed like foreclosures fell is because they were on hold in the courts due to bank fraud such as Robo signing and other issues. There were less actual foreclosures because the properties were on hold, as some still are on the west coast. The banks were unable to officially foreclose on the property since they were under investigation so they just sat at the courts and the flood gates were closed for a bit.
Trust me the flood gates are opening up now and the REOs that are getting ready to hit the market are going to do so in staggering numbers. All of the backed up properties along with the new foreclosures are getting ready to flood the market so make sure you have your bag open ready to catch the deals... THEY ARE ON THEIR WAY VERY SOON!!!!
Keep your eyes open and get your private money ready and keep watching websites like http://www.homepath.com/ for foreclosures in your market. Then make an offer the banks are going to be very motivated now with this amount of backed up inventory
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
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To your success,
Carol Stinson