I’m told by my government keepers the economy is booming, jobs are being added by the millions, home prices are rising, and consumers are spending. Then why did foreclosures in the country jump by 6% over the prior year, marking the first increase in 26 months? This real data doesn’t match the government storyline. RealtyTrac reports the hard truth. And this is just the beginning. The next leg down in housing is upon us.
A total of 55,906 U.S. properties started the foreclosure process in November, a decrease of 1 percent from the previous month but a 6 percent increase from a year ago, the first year-over-year increase following 27 consecutive months of year-over-year decreases. 50,102 U.S. properties were scheduled for foreclosure auction during the month, down 16 percent from an 18-month high in the previous month but up 5 percent from a year ago.
“Foreclosure rates on 2014-originated loans are actually higher than 2013-originated loans nationwide and in many markets, indicating that lenders are open to a slightly higher level of risk than we’ve seen over the past five years of extremely tight lending standards,” Blomquist continued.
Scheduled foreclosure auctions increased from a year ago in 30 states, including Kentucky (up 163 percent), Tennessee (up 159 percent), North Carolina (up 157 percent), New Jersey (up 117 percent), Oregon (up 114 percent), New York (up 76 percent), Texas (up 34 percent), Pennsylvania (up 13 percent), Georgia (up 8 percent), and Washington (up 7 percent).
REOs increased from a year ago in 15 states, including Maryland (up 93 percent), North Carolina (up 66 percent), New York (up 64 percent), Kentucky (up 56 percent), New Jersey (up 54 percent), Iowa (up 29 percent), and Massachusetts (up 29 percent).
Five of the nation’s 20 largest metro areas posted year-over-year increases in foreclosure activity: New York (up 71 percent), Houston (up 70 percent), Philadelphia (up 43 percent), Boston (up 27 percent) and Baltimore (up 22 percent).
Among the nation’s 20 largest metros, those with the five highest foreclosure rates were Miami (one in every 394 housing units with a foreclosure filing), Tampa (one in every 432 housing units), Baltimore (one in every 576 housing units), Philadelphia (one in every 625 housing units), Chicago (one in every 716 housing units) and Riverside-San Bernardino-Ontario in Southern California (one in every 725 housing units).
Detroit/Wayne County just held their bi-annual tax auction a month or so ago.
So far we have had three news reports.
A woman and her elderly father were killed when they entered the home they had “won” and were shot dead by the previous owner/current squatter. The cops say the law is “murky” about whom has the right to be there.
A man is being sued for trying to evict the previous owner/tax scofflaw/squatter out of “his” house. The cops and city landlord/tenant board say he has to evict her even though he has NO contract with this woman and according to the auction, the county, and the deed it is HIS.
And there was another one close to the same, house sold, previous owner won’t budge, new owner is being told to pay them off or evict.
So, see Admin, no worries.
These houses are entering foreclosure, in the poorer zip codes they are just being converted to free rentals and future job security for court clerks and judges.
I hate this country more every single day.
I don’t get it, I just read on yahoo that foreclosures are down.
I feel your pain, TE.
Banks and other large corporations will end up ownin these cities. They will have bought them for pennies on the dollar. Then their whore politicians will give them pretty much anything they want. All nice neat and legal. Isn’t fascism great?
Homes here in central Illinois are selling for about a 20% discount over the last 2 years…
Last time prices dropped this much here was in 2009, trouble ahead.
Overthecliff
It is my understanding that when the economy collapses , it is a done deal that the banks/mortgage companies intend to rent the houses back to the foreclosed former owners in lieu of evictions…….nice huh! It worked the same way with a twist in China except the homeowner was told they had to accept strangers assigned to live in their house.
What would stop them from assigning people to live in American homes along with the now renting former owner?