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Foreclosure Numbers Expected To Continue To Rise In The Fourth-Quarter

One in every 88 housing units received a foreclosure filing between July and September, according to foreclosure listing firm RealtyTrac. That’s up five percent from the previous quarter.

A 'bank foreclosure sale' sign is posted in front of townhomes on August 12, 2010 in Los Angeles, California.
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Above: A 'bank foreclosure sale' sign is posted in front of townhomes on August 12, 2010 in Los Angeles, California.

ReatlyTrac’s Daren Blomquist said the increase was driven by a rise in default notices, which is typically the first step in the foreclosure process. Those were up by twenty-one percent in the third quarter.

Blomquist said lenders are ramping up foreclosures after spending months clearing up the robo-signing documentation problems.

Another sign that foreclosures will keep rising is that more homeowners are missing mortgage payments.

“There’s a period of about three quarters where delinquencies are actually coming down but now for the last two quarters they’ve come up which is a sign that we have unfortunately more folks who are in trouble and missing their payments," said Blomquist.

Based on per-capita data, California had the second highest foreclosure rate in the third-quarter behind Nevada.

Comments

Avatar for user 'graceallen91'

graceallen91 | October 13, 2011 at 11:49 p.m. ― 3 years, 1 month ago


When you're shopping quotes from lenders, beware of points that they'll try to impose on your refi. Each point is a fee of 1% on the amount you borrow. I worked with "123 Refi" search online for them. I would strongly recommend them since they got me 3.24% rate on my mortgage refinance.

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Avatar for user 'myrtlegriffin'

myrtlegriffin | October 14, 2011 at 3:12 a.m. ― 3 years, 1 month ago

Examples can be found in IRS Publication 544, Sales and Other Dispositions of Assets, under the section “Foreclosures and Repossessions.” http://bit.ly/mSrJ4n

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