homes that received an initial default notice — the first step in the foreclosure process — jumped 33% in August from July, foreclosure listing firm RealtyTrac said Thursday.
The rise represents a nine-month high and the biggest monthly gain in four years. The spike signals banks are starting free credit scores Pennsylvania to take swifter action against homeowners, nearly a year after processing issues led to a sharp slowdown in foreclosures.
This is really the first time weve seen a significant increase in the number of new foreclosure actions, said Rick Sharga, a senior vice president at RealtyTrac. Its still possible this is a blip, but I think its much more likely were seeing the beginning of a trend. Foreclosure activity began to slow last fall after problems surfaced with how many lenders were handling foreclosure paperwork, namely free credit scores Pennsylvania several shortcuts known as robo-signing. Many of the nations largest banks reacted by temporarily free credit scores Pennsylvania ceasing all foreclosures, re-filing previously filed foreclosure cases and revisiting pending cases to prevent errors. free official credit report Other factors have also worked to stall the pace of new foreclosures free credit scores Pennsylvania this year. The process has been held up by court delays in states where judges play a role in the foreclosure process, a possible settlement of government probes into the industrys mortgage-lending practices, and lender reluctance to take back properties amid slowing home sales. A pickup in foreclosure activity also means a potentially faster turnaround for the U.S. Experts say a revival free credit scores Pennsylvania isnt likely as long as a glut of potential foreclosures hovers over the market.
Foreclosures weigh down home free credit scores Pennsylvania values and create uncertainty among would-be buyers who fret that prices may fall as more foreclosures hit the market. credit score monitoring
There are about 3.7 million more homes in some stage of foreclosure now than in a free credit scores Pennsylvania normal housing market, according to Citi analyst Josh Levin. This bloated foreclosure pipeline now free credit scores Pennsylvania presents the greatest obstacle to a housing market recovery, Levin said in a client note this week. Banks have been working through a backlog of properties that first entered the foreclosure process free credit scores Pennsylvania months, if not years ago.
But the August increase free credit scores Pennsylvania in homes entering that free credit scores Pennsylvania process sets the stage for free credit scores Pennsylvania a host of new properties being targeted for foreclosure. Thats bad news for homeowners accustomed to missing payments for months without the threat of foreclosure. In states such as New York and Florida, for instance, processing free credit scores Pennsylvania delays have helped some stay in their homes more than two years before banks got around to taking back their properties. access credit report
In all, 78,880 properties received a default notice in August.
Despite the sharp rise from July, last month free credit scores Pennsylvania was still down 18% versus August last year and 44% below the peak set free credit scores Pennsylvania in April 2009, RealtyTrac said.
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