Washoe County saw a significant foreclosures jump in September just as the spectrum of fraud investigations against foreclosure loan servicers gain momentum across the country.
A fall in the number of standard listings wasn't enough to curtail the global activity in distress in Washoe, which Posted 1.513 notifications related to the closure of the month, according to RealtyTrac tracker national exclusion.
The number, which includes the notice of default, trustee sale notices and bank owned foreclosures, represents an increase of 21% in August.The increase was spearheaded by bank owned foreclosures, which increased by 73 percent to 373 archives. notices of trustee sale or auction also increased 34 percent to 531 archives. notice of default filings decreased 4.5 percent to 609.
The trend was reflected by the numbers across the country as well, according to RealtyTrac.
"Lenders ended a record number of properties in September and in the third quarter, taking a bite of distressed properties delay where the shutdown process was delayed by deletion prevention efforts of the past 20 months," said James j. Saccacio, Executive Director of RealtyTrac, in a statement.
The good news is usually have targeted foreclosures down from the peak in July 2009, said Brian Kaiser, a housing and real estate analyst at the University of Nevada, Reno's Center for regional studies. However, the numbers are still "very high" to be considered healthy for the area, added Kaiser.
Kaiser "is encouraging the fact that they seem to be trending down," he said. "Still, these numbers are very volatile and have been lately all over the place."
Foreclosure activity rate of Washoe one in 118 housing units is even better than the rate of Nevada one in 69 housing units-which led the nation to 45 months straight. still, Washoe rate is three times higher than the national average.
Meanwhile, ongoing investigations against lenders and servicers documentation incorrect shutdown could have a serious impact on the industry, including the blocking of legitimate foreclosures. the issue of documentation, which has attracted investigation in federal and State levels, potentially could boost the shadow inventory if not resolved quickly, said Saccacio.
"Whether creditors may resolve the problem of documentation rapidly, then we would expect the temporary truce in foreclosure activity to be followed by a parallel increase in activity as many foreclosures late next in the process of foreclosure," said Saccacio. "However, if the issue of documentation cannot be resolved quickly and expands to more lenders, we could see an effect of cooling the overall structure of the market as sales of pre-foreclosure properties and foreclosed homes — who are responsible for almost one third of all sales-secam and the shadow Properties distressed inventory grows.(This will cause) more uncertainty on domestic prices."
No comments:
Post a Comment