Increase in Mortgage Borrowers Undergoing Foreclosure In October

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Foreclosure filings, which include mortgage default notices, scheduled foreclosure auctions and bank repossessions, rose by 15% in October from September of this year. This is revealed in the Foreclosure Market Report for October compiled by RealtyTrack.

The increase of 15% is the highest month-over-month rise in foreclosure activity since March 2010. Despite the upward movement, foreclosure filings remain below their level of October 2013. On year-over-year basis, there is a decrease of 8%.

The number of properties which were scheduled for foreclosure in October was 59,869. There was a month-over-month increase of 24% in scheduled foreclosures. They rose by 7% from the same month of last year to reach their highest level since May 2013.

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The scheduled foreclosure auctions in non-judicial states rose by 27% in October from September of this year. The annual increase was 14%. 29 states experienced increase in scheduled foreclosure auctions in October of this year compared to the same month of last year. The rise was the highest in Oregon – 399%. It was followed by North Carolina with a rise of 288% and New Jersey where scheduled foreclosure auctions increased by 118%. New York, Connecticut and Nevada got the fourth, fifth and sixth place respectively.

The vice president of RealtyTrack, Daren Blomquist, commented that home foreclosure activity traditionally increases in the month of October as mortgage lenders try to complete these procedures before the holiday foreclosure moratoriums. He pointed out that over the past three years, the average increase in foreclosures during this month of the year has been 8%.
At the same time, Blomquist admitted that this year’s increase, which was nearly two times greater than the average, was not simply following a seasonal pattern given its magnitude. He explained that properties which have been in holding for years as a result of mortgage default have finally got to the stage of foreclosure auction.

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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