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| Daren Blomquist |
IRVINE, CA — RealtyTrac® (www.realtytrac.com),
the nation’s leading source for comprehensive housing data, today released its
U.S. Foreclosure Market Report™ for October, which shows foreclosure filings —
default notices, scheduled auctions and bank repossessions — were reported on
133,919 U.S. properties in October, a 2 percent increase from the previous
month but a 28 percent decrease from a year ago.
The report also shows one in every 978 U.S. housing units
with a foreclosure filing during the month.
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| Sheldon Detrick |
“The backlog of delayed judicial foreclosures continues to
make its way through the pipeline, with many of these properties now being
scheduled for the public auction after starting the foreclosure process last
year or earlier this year,” said Daren Blomquist, vice president at
RealtyTrac.
“Lenders are likely moving these properties more rapidly to
the public auction given that there is strong demand from institutional
buy-to-rent investors at the auction and that rising home prices mean more of
the loan losses can be recouped, either by selling to an investor at the
auction or by repossessing the property and reselling as bank owned.”
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| Rick Posner |
“People who defaulted three years ago are just now beginning
the rest of the foreclosure process, which explains the recent rise in bank
repossessions in Oklahoma,” said Sheldon Detrick, CEO of Prudential
Detrick/Prudential Alliance Realty covering the Oklahoma City and Tulsa
markets.
“When home prices were heading downward banks would
sometimes send default notices to homeowners but allow the them to stay in the
home without making payments if the homeowner would maintain the home and keep
it in good condition.
“Now that the economy is improving and home prices are
rising, banks are willing to complete the foreclosure process if homeowners
don’t start making their payments again.”
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| Craig King |
“Homeowners and homebuyers are now able to negotiate home
sales together without a bank being involved.
It’s the way real estate should be, and it’s nice to be back to a more
normal real estate market again,” said Rich Cosner, President of
Prudential California Realty, covering Orange, Riverside and San Bernardino
counties in Southern California.
“The increase in
Reno-area foreclosure activity is likely the result of lenders pushing through
some foreclosures before the new Nevada Homeowner Bill of Rights took effect in
October,” said Craig King, COO of Chase International, covering the Reno
and Lake Tahoe markets.
“Despite that increase, we’re making steady progress away
from the problems that plagued the real estate industry in Northern Nevada.
Short sales and foreclosures used to be 85 percent of the market and equity
sales used to be 15, and now it’s exactly flipped.”
For a complete copy of the company’s news release, please
contact:
Jennifer von Pohlmann
PR Manager
Office: 949.502.8300 ext 139
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