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Biggest Jump In Foreclosure Fillings Since 2010
NODs, REOs and auctions for foreclosures are on the rise – last month reaching the highest point since spring 2010. From September to October of this year, fillings jumped by a whopping 15%, so says RealtyTrac in their just released October 2014 US Foreclosure Market Report. That’s one in every 1,069 houses across the US.
Even thought that number seems high, it is really an 8% drop from last October. Scheduled auctions actually account for much of the increase – auctions are up nearly 25% from September (a little less in judicial states). So why so many more foreclosures heading to auction? Part of it is seasonal – banks wanting to get some of these off their books before the holidays, but a big percentage are because foreclosures are coming out of the holding pattern they have been in. So where is this happening the most? Certain startes are seeing a particularly high number of auctions, including Oregon (+399%), N. Carolina (+288%), New Jersey (+118%), New York (+89%), and Connecticut (+69%).
REO activity is up about 22% from September, which is the biggest increase since June 2009, representing nearly 28,000 homes.
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