Tags: home auctions | housing | real estate | foreclosure

Foreclosure Filings Post Largest Monthly Increase in Four Years: RealtyTrac

Thursday, 13 Nov 2014 08:34 AM

A spike in home auctions last month helped drive the biggest gain in U.S. foreclosure activity in more than four years, according to a report from RealtyTrac on Thursday.

RealtyTrac, which tracks housing market data, said that banks in October scheduled a total of 59,869 homes for auction, the highest rate in 17 months.

The increase helped lift overall foreclosure filings by 15 percent to 123,109 properties. It was the largest monthly gain since foreclosure activity peaked in March 2010, although the number of filings was still down 8 percent from a year ago.

Foreclosure activity, which includes foreclosure notices, scheduled auctions and bank repossessions, has declined on a year-on-year basis for 49 consecutive months.

"The October foreclosure numbers are not a complete surprise given that over the past three years there has been an average 8 percent monthly uptick in scheduled foreclosure auctions in October as banks try to get ahead of the usual holiday foreclosure moratoriums," RealtyTrac Vice President Daren Blomquist said in a statement.

The magnitude of the increase, he said, demonstrates that distressed properties that have been in a holding pattern for years are finally being cleared at foreclosure auctions.

Lenders reclaimed 27,914 homes in October, a 22 percent increase from the month before and the largest monthly rise since June 2009.

A total of 59,869 properties was set for foreclosure auctions, a 24 percent increase, while foreclosure starts were up 12 percent in October, with new filings on 56,452 properties.

Maryland had the nation's highest foreclosure rates in October, with a 68 percent jump in foreclosure activity, followed by Florida, Nevada, Ohio and Illinois.

© 2017 Thomson/Reuters. All rights reserved.

 
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A spike in home auctions last month helped drive the biggest gain in U.S. foreclosure activity in more than four years, according to a report from RealtyTrac on Thursday.
home auctions, housing, real estate, foreclosure
269
2014-34-13
Thursday, 13 Nov 2014 08:34 AM
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