We are experiencing one of the biggest foreclosure filling increases for the last four years.
The number of foreclosure filings experienced a big jump from September to October alone. These filings include but not limited to notice of defaults, scheduled auctions, and bank repossession. According to RealtyTrac this is the largest month-over-month jump since the peak of foreclosure activity in March 2010.
However even though Foreclosure filings reported were into a considerable 123,109 U.S. residential properties in October, fortunately still represented an 8 percent decline overall in the number of foreclosure filings from October 2013. This is equivalent to one house for every 1,069 residential properties in the U.S. reported a foreclosure filing in October based on the latest report from RealtyTrac.
These numbers did not take us by surprise due to that over the past three years an average of 8 percent monthly uptick was scheduled for foreclosure procedures in the country.
On the other hand, REO activity (lenders repossessing properties via foreclosure) increased by 22 percent from September. The largest month-over-month increase since June 2009. Overall, lenders repossessed 27,914 U.S. residential properties in October, as reported by RealtyTrac which is an agency that monitor housing foreclosure activities in the country.