That was the headline in the "local" section of yesterdays St. Pete Times Newspaper, and then today the following headline appeared in MSN News from Realty Trac "Foreclosure Activity Increases 7%...". Is this Armageddon; the beginning of the end or just the inevitable result of the current market and actually the solution to the current housing market.
I know in my market area here in Tampa Bay that on nearly every residential street I drive there is going to be at least one home on average that has had at least a "Lis Pendens" filed in county court indicating the owner is delinquent on their mortgage. Some were filed last month and others were filed months and in some cases years ago. But, because of our "robo signing" fiasco and the closing of three of the major law firms handling foreclosure filings, the banks have apparently been observing a self imposed moratorium on new foreclosure filings.
Apparently, that may be about to change!
On those same streets that I described above, where there is one house with a pending foreclosure on record, I can also pick out the ones where a filing should be or will soon be filed: multiple newspapers and advertising fliers laying in the drive or on the front porch, grass not mowed and weeds taller than the original landscaping, trash in the yard and along the sides, window shades missing or damaged....etc. I know in a sense, "legally" it is trespassing, but I stop at these homes and "door knock", at least to insure that know one is home and to take a closer look.
If there are furnishings visible through the windows, then maybe someone still lives there, but not always. Some owners have abandoned their homes and their lives and moved on. To where I wonder, they could have stayed and not paid the mortgage until the bank forced them out; but then maybe they couldn't afford the utilities or the shame of their neighbors knowing of their situation. Most of the time I will never know, but it's a "lead" and possibly someone that I can help!