twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/


California Foreclosures Fall as U.S. Rate Rises

U.S. foreclosure filings up 3% in October

Nov. 15, 2012

By Mortgage Daily staff


While foreclosures in California outnumber filings in any other state, California reduced the number of foreclosures started and completed last month while the country as a whole experienced deterioration. Servicers in states that already had some of the longest foreclosure timetables face even longer completion times as a result of Hurricane Sandy.

Last month, 186,455 U.S. residential properties were hit with a foreclosure filing. Included in the filings were default notices, scheduled auctions and bank repossessions.

Filings grew from 180,427 in September. But activity has slowed substantially from the same month last year, when 230,678 filings were made.

Historical data from RealtyTrac, which delivered the statistics, indicate that year-to-date Oct. 31 filings totaled around 1,763,832 -- though the total reflects some filings that were made on the same properties during different months.

RealtyTrac said that the findings reflect statistics collected from 2,200 U.S. counties that house more than 90 percent of the U.S. population.

California maintained its dominance among all states, with 36,054 properties that faced a filing in October. Filings in the Golden State, however, retreated from 37,917 in September.

Florida followed with 28,783 properties that were hit with a filings last month. Florida filings rose from 28,235 in September.

Illinois was No. 3 with 14,899 October filings, then 10,777 in Ohio and 9,309 in Georgia.

With just three filings, North Dakota had the fewest foreclosures.

U.S. foreclosure filings up 3% in October

"We continued to see vastly different foreclosure trends across the country in October, depending primarily on how each state’s foreclosing infrastructure was able to handle the high volume of delinquent loans during the worst of the foreclosure crisis in 2010," RealtyTrac Vice President Daren Blomquist said in the report. "Unfortunately the three states dealing with the biggest rebound in deferred foreclosure activity -- New Jersey, New York and Connecticut -- also had to deal with the devastation to homes inflicted by super storm Sandy.

"The foreclosure moratoriums being put into effect as a result of the storm will likely extend the already-lengthy time to foreclose in these states, further prolonging a fundamentally sound housing recovery."

One foreclosure filing was made on each 706 U.S. housing units during October, worsening from a month earlier when a filing was made on each 730 properties. The foreclosure rate has improved significantly from October 2011, when one filing was made on each 563 properties.

With a filing on each 312 properties, Florida had the worst rate.

Next was Nevada, where a filing was made on every 352 housing units.

Illinois followed with a rate of one-in-356, then California's one-in 379 and Arizona's one-in-420.

At just one filing for each 105,833 housing units -- North Dakota had the best rate.

Moving on to completed foreclosures, servicers finished the foreclosure process on 53,478 U.S. properties last month, a few less than the 53,569 repossessions in September. Real-estate-owned filings have tumbled from 67,624 during the same month last year.

During the first 10 months of 2012, completed foreclosures numbered 552,952.

California's 7,813 REO filings were more than any other state but less than the 8,357 completed in September.

Florida repossessions climbed to 7,301 from the prior month's 6,633.

Georgia's 3,788 REO filings followed, then Illinois' 3,734 and Michigan's 3,622.

All of North Dakota's three foreclosure filings were completed foreclosures -- fewer than any other state.


next story

back to current headlines


Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.


Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders