REO Surge Signals Foreclosure “Clean-up”
Jann Swanson | Mortgage News Daily | Apr 16 2015 | link
Foreclosure activity increased by 20 percent in March compared to February and was up 4 percent from a year earlier. RealtyTrac, in its combined March and 1st Quarter 2015 report said it was the first annual increase in foreclosure filings, which include default notices, scheduled auctions, and completed foreclosures or bank repossessions, since September 2010 but that the increases indicated a cleanup of lingering problems rather than a new round of distress.
Despite the substantial month over month and small annual increase for the month the quarterly total was down. Filings were 7 percent lower than in the 3rd quarter of 2014 and down 8 percent year over year to the lowest level in eight years.
RealtyTrac said a total of 122,060 properties received foreclosure filings in March and 313,487 for the quarter. The 20 percent month-over-month increase came off of a 104-month low in filings in February. The surge was driven by 36,152 bank repossessions or REO, a 49 increase from February and 25 percent from March 2014. REOs for the quarter numbered 82,081, down 14 percent from the 1st quarter of 2014. Repossessions increased 54 percent in Ohio, 39 percent in Maryland, and 34 percent in New Jersey.