Even as home prices are beginning to show signs of stabilizing and the industry is ramping up efforts to keep troubled borrowers in their homes, the latest market study from Jacksonville, Florida's Lender Processing Services (LPS) shows that mortgage delinquencies and foreclosures remain alarmingly elevated.
... Nearly one-third of foreclosures remain in pre-sale status after 12 months - twice as many as the year prior ...
RTB: Ouch. That is an ugly backlog, which seems to be increasing. If I'm not mistaken, doesn't the Office of the Currency Controller (OCC) have regulations that state a bank can only hold on to a residential property for 18-months? [5-years for commercial that it does not use for its own purposes]
... for every loan that improves in status, three more deteriorate further ...
Those were the highlights, here is the article link.
2 Comments on Delinquencies and Foreclosures at Record Highs, with Shadow Inventories Looming: LPS Report (re-blog)
NOV
16
2009
I've been hearing that foreclosures and shadow inventories are looming, but I've been hearing that now for a year. I wonder what's going on. Meanwhile, my home inspection business is booming, with my best September and October ever, and November is on pace to be the best, too.
Russel, that is totally awesome. I was at the NAR conference in San Diego this last week and spoke with Anthony G. from Foreclosure.com. He is telling me that he knows several investors who have put all properties on hold until the new year. One investor alone should be dumping about 250,000 homes on the market, about 100,000 of which in California. We'll see.
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I've been hearing that foreclosures and shadow inventories are looming, but I've been hearing that now for a year. I wonder what's going on. Meanwhile, my home inspection business is booming, with my best September and October ever, and November is on pace to be the best, too.