Foreclosures Listing
The internet is loaded with many websites dedicated to providing up to date foreclosure listing. You can search for listings of a particular state, county or city to find out about the kind of properties that are currently being offered in the region.
Foreclosures activity has hit record high in the first half of 2009. There are more than 800,000 properties that have just been filed for foreclosures in 2009. This is the highest the number has been since 2005. Despite a much welcomed 13% decrease in bank repossessions from the precious quarter the over all trend seems to be escalating.
The massive increase came as a result of default and auction notices that were issued on the front end of the foreclosures processes. Foreclosure activity reached its peak in March when it was observed that the notices went up by as much as 20% as compared to February. Similarly, auction notices in March were up by 29% as compared to the month before providing fodder to many a foreclosure listing.
The sudden jump in foreclosure activity reveals that lenders and servicers were actually holding off on executing foreclosures for quite some time. This was done due to industry moratoria as well as genuine legislative delays. Even the decreased rate of REO was caused by processing delays and not necessarily due to the foreclosure prevention programs put into practice by the government. Experts predict that the number of REOs is also likely to increase in the up coming months especially because much of the moratoria have now been lifted.
There is however some positive in the whole scene and that comes in the form of increased demand in some of the harder hit areas. The increase in demand has particularly been noticed for bank owned REO properties which seem to attract many first time investors and home seekers. Of course the increase in demand is not nearly enough to offset the rapidly increasing number of foreclosures that are choking the pipeline. As unemployment rates continue to rise foreclosure listing are likely to get longer and longer.
Foreclosures activity has hit record high in the first half of 2009. There are more than 800,000 properties that have just been filed for foreclosures in 2009. This is the highest the number has been since 2005. Despite a much welcomed 13% decrease in bank repossessions from the precious quarter the over all trend seems to be escalating.
The massive increase came as a result of default and auction notices that were issued on the front end of the foreclosures processes. Foreclosure activity reached its peak in March when it was observed that the notices went up by as much as 20% as compared to February. Similarly, auction notices in March were up by 29% as compared to the month before providing fodder to many a foreclosure listing.
The sudden jump in foreclosure activity reveals that lenders and servicers were actually holding off on executing foreclosures for quite some time. This was done due to industry moratoria as well as genuine legislative delays. Even the decreased rate of REO was caused by processing delays and not necessarily due to the foreclosure prevention programs put into practice by the government. Experts predict that the number of REOs is also likely to increase in the up coming months especially because much of the moratoria have now been lifted.
There is however some positive in the whole scene and that comes in the form of increased demand in some of the harder hit areas. The increase in demand has particularly been noticed for bank owned REO properties which seem to attract many first time investors and home seekers. Of course the increase in demand is not nearly enough to offset the rapidly increasing number of foreclosures that are choking the pipeline. As unemployment rates continue to rise foreclosure listing are likely to get longer and longer.
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