Posted on 06/14/2012 5:41:47 AM PDT by EBH
Foreclosure filings in May spiked 9% compared with a month earlier, according to an industry group.
RealtyTrac reported that 205,990 U.S. properties received filings last month, including default notices, scheduled auctions and bank repossessions, marking the first monthly increase since January.
Bank repossessions climbed steeply, up 7% to 54,844, after hitting a four-year low in April.
The industry had anticipated that there would be a new wave of foreclosures once the industry resolved the "robo-signing" issues, which came to light in late 2010. A settlement was finalized last April.
Robo-signing put the methods used by the banks to repossess homes under intense scrutiny. That forced lenders to slow the foreclosure process to make sure their paperwork was legal and proper.
(Excerpt) Read more at finance.yahoo.com ...
The problem this time though... is nobody can get a job. Over qualified workers working in under qualified jobs....
But the private sector is doing just fine.
4 years of disater
I have a problem with the use of the word spiked. A spike is a temporary thing. Since the June number have not been released, we don't know if May was a spike or not. Maybe June will be worse? Then what euphemism will they use?
Now is the summer of our discontent
Made inglorious winter by this "post-partisan" pretender
And all the clouds that sullied our representative house
In the deep bosom of the speaker lay buried.
- not William Shakespeare
From and alternate viewpoint...
http://www.dividist.com/2010/08/carnival-of-divided-government-triginta.html
Foreclosures are up because of the national settlement on “robosignings”. They were on hold because of the lawsuits, etc. Now, the inventory is finally starting to work through the system.
You want some scary statistics? 1 in 4 homes in S Florida are in some form of delinquency/foreclosure. Over 70,000 homes in some metro areas are vacant in Florida. One street either had all homes in foreclosure or short sale status.
However, there are upticks. There is new construction, just at reasonable prices. Texas and other growth states are showing upticks in housing prices and inventories of 3-4 months.
In the two months I have been unemployed, I have been thankful every day for my small house that costs less than my monthly car payment. I had a good salary and we had been planning to upsize just months before my position was eliminated. Now, even when I do get back to work, I am going to be cautious about what we purchase. I don’t EVER want to put myself in the position of not being able to keep a roof over my family’s head. The over-qualified thing sucks. That is where I am at. I am either not getting called because I am over qualified or they think I need a huge salary based on my experience and job title. I’m now looking into doing something completely new. One job I applied for had 115 other applicants - and that was what was received on day ONE of the notice. I am finding 40 to 50 applicants per job to be about the norm right now. This private sector is NOT doing OK...freaking moron...
Good luck...keep us posted on your situation.
Foreclosures are up because of the national settlement on “robosignings”. They were on hold because of the lawsuits, etc. Now, the inventory is finally starting to work through the system.
You want some scary statistics? 1 in 4 homes in S Florida are in some form of delinquency/foreclosure. Over 70,000 homes in some metro areas are vacant in Florida. One street either had all homes in foreclosure or short sale status.
However, there are upticks. There is new construction, just at reasonable prices. Texas and other growth states are showing upticks in housing prices and inventories of 3-4 months.
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