More Mortgage Borrowers Filing for Foreclosure in the Third Quarter

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The foreclosure filings on properties in the United States reached 317,171 in the third quarter of 2014, according to the quarterly Foreclosure Market Report of RealtyTrac. The filings made by mortgage borrowers include default notices, scheduled auctions and bank repossessions. The number of foreclosure filings rose for the first time in three years. This was the first increase since the third quarter of 2011.

Even though the downward trend in foreclosure filings made by mortgage borrowers was reversed in the third quarter of this year, the increase from the previous quarter was minimal. It was 0.42%. Despite the increase on a quarter-over-quarter basis, the foreclosure filings experienced a decline on a year-over-year basis. In the third quarter of 2014, they were 16% below their level in the third quarter of 2013.

The level of monthly foreclosure activity on year-over-year basis has been declining for the past four years. For the month of September alone it hit its lowest level since 2006. The yearly drop was 18.6%. On a month-over-month basis, the decline was 8.6%.

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The mortgage default notices rose by 2% in the third quarter from their level in the second quarter. The scheduled property foreclosure auctions increased by 7%. The bank repossessions declined by 12% on a quarterly basis.
In September, the bank repossessions declined by 13% from the previous month. The scheduled property foreclosure auctions experienced a decline as well. They dropped down by 5.5%. The decline in mortgage default notices was 9.8%.
The vice president of RealtyTrac, Daren Blomquist, commented on the data for

September which was presented in the report saying that foreclosure activity went back to its levels from the period before the housing bubble across the country. He explained the increase in scheduled foreclosure auctions with the efforts of lenders to remove delinquent mortgage loans from their portfolios

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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