On October 24th, RealtyTrac, the nation’s top resource and foremost authority on the foreclosure housing market, released a report indicating that activity is once again on the rise. Foreclosure filings were up 14% in Q3 over the previous quarter. This serves as a warning that foreclosure properties will once again become commonplace in many markets.
RealtyTrac does provide a glimmer of positive news in that this flourish of foreclosure activity will likely not inundate markets at the levels the previous wave did between 2007 and 2010. Activity on the foreclosure/short sale front had begun to wane in previous months due to processing delays by lenders, but this now appears to be picking up and is impacting some housing markets more than others.
For the full story and to view the top 20 markets affected nationwide, please visit: http://www.realtytrac.com/content/news-and-opinion/top-20-new-wave-foreclosure-markets-6891?a=b&accnt=305608.
Source: RealtyTrac “Top 20 New-Wave Foreclosure Markets”, October 24, 2011