Recent findings from RealtyTrac’s US Foreclosure Market Report show the total number of foreclosure starts in the month of October reached it’s highest mark in 4 years, up 12 percent. The jump aligns with similar data from October in previous years, however the amount of increase this time was significant.
Daren Blomquist, RealtyTrac VP said, “We've seen a seasonal increase in foreclosure starts in October for the past five consecutive years, so it's not too surprising to see the monthly increase this October.” He continued, “However, the 12 percent increase this October is more than double the average 5 percent monthly increase in the past five Octobers, and the even more dramatic monthly increases in some states is certainly a concern.”
Even with the spike month-over-month, overall filings for home foreclosures, including notices of default, auction schedules, and reo (bank repossessions) - are still lower as compared to last year and foreclosure starts, specifically, are 14 percent lower as compared with October 2014. The swing upward could be the result of many factors, including long-term delinquencies that have just made their way thru the foreclosure process or, the possibility uncertainty in the economy may be causing more distress.
Foreclosure rates were highest in the states of New Jersey, Maryland, Nevada, Illinois and Florida.
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