RealtyTrac released this news this evening. There was no mention of Minnesota in the report, however we are still running middle of the pack in their foreclosure heat map.
The report talks about how foreclosure activity has been slowly declining but they are expecting it to pick back up as banks will want to move the next wave through the system.
“U.S. foreclosure activity has been mired down since October of last year, when the robo-signing controversy sparked a flurry of investigations into lender foreclosure procedures and paperwork,” said James Saccacio, chief executive officer of RealtyTrac. “While foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up.
“Third quarter foreclosure activity increased marginally from the previous quarter, breaking a trend of three consecutive quarterly decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall foreclosure activity was fueled by a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the foreclosure fireplace after spending months trying to clear the chimney of sloppily filed foreclosures.”
Hennepin County has 973 foreclosures according to RealtyTrac, they break that down further with the housing units to foreclosure ratio of 1 in every 520 housing units. (quick math in my head 1 / 520 = .19% ? is that right? )I really wish we had a historical perspective on the foreclosure rate as a benchmark…
Still trying get a grasp on this phantom “Shadow Inventory” and what kind of numbers we are looking at for the Twin Cities…
- Housing Market Bottoming Now in 2011 – Former RealtyTrac Executive, Rick Sharga (johnmurphyreports.com)
- Short Sales Increase as Banks ‘More Realistic’ on Market (urbaninvestors.wordpress.com)
- Foreclosure activity drops to 44-month low (marketwatch.com)
- Pre-Foreclosure Short Sales Jump 19% in Second Quarter (bingrealtygroup.wordpress.com)