IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s
leading source for comprehensive housing data, released its U.S. Foreclosure
Market Report™ for October 2014, which shows foreclosure filings — default
notices, scheduled auctions and bank repossessions — were reported on 123,109
U.S. properties in October, an increase of 15 percent from the previous month
but still down 8 percent from a year ago.
The 15 percent monthly increase was the largest
month-over-month increase since U.S. foreclosure activity peaked in March 2010.
The report also shows one in every 1,069 U.S. housing units with a foreclosure
filing during the month.
“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,” said Daren Blomquist,
vice president at RealtyTrac.
“But the sheer magnitude of the increase this year
demonstrates there is more than just a seasonal pattern at work. Distressed
properties that have been in a holding pattern for years are finally being
cleared for landing at the foreclosure auction.
“There is still strong demand from the large institutional
investors at the foreclosure auction in some markets, but even in markets with
decreasing demand at the foreclosure auction, banks can be confident in selling
REO properties quickly and at a good price,” Blomquist continued.
“That’s because
there is still strong demand from buyers, particularly in the lower price
ranges, combined with a dearth of distressed homes listed for sale.”
For a complete
copy of the company’s news release, please contact:
Jennifer Von Pohlmann
949.502.8300949.502.8300, ext. 139
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