The foreclosure wave is here — look beneath the headlines
- Notice-of-Trustee Sales are up 100% from Feb to May and subsequent foreclosures are up 75% from March to May.
- CA foreclosure activity outpaces total house sales by 100% – infinite supply
In early April I was digging around my default and foreclosure database reviewing servicer and originator specific foreclosure numbers and noticed that a couple of the nation’s leading servicers were acting funny. At that point, most servicers had been ratcheting up Notice-of-Defaults for three months while scaling back sharply on filing new Notice-of-Trustee Sales. Subsequent foreclosures had been bouncing off of year and a half lows since October. Based upon the evidence from the two previously mentioned large-bank servicers, I then made the call about a wave of foreclosures about to hit.
The wave is here even though it did not show up in the aggregate numbers released by RealtyTrac yesterday morning. In their report, CA aggregate foreclosure activity was reported down 4.46%. That is not accurate.
If you or someone you know is facing foreclosure contact your bank, or your realtor to get help in finding out your options.
