Lenders Slow Foreclosures By 5% in 2010, Boosting Shadow Inventory: RealtyTrac

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Nevada, with the nation’s highest foreclosure rate, with one in every 95 housing units with a foreclosure filing in the first quarter, actually saw steep decreases in foreclosure activity, with a 26 percent drop in activity from the previous quarter and down 62 percent from the first quarter of 2011.

high level of shadow inventory. The seriously delinquent share of mortgage loans, made up of foreclosed and 90+ day delinquent loans, has recently risen to record highs in CT. This is also true in Maine and Vermont, as the slow judicial process in the three states slows the clearing of foreclosed inventory.

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 · But then, he has said the exact same thing numerous times over the past few years, and look where we are: an at best anemic GDP growth, unemployment at (U3) 9.5%-(U6) 17.5%, homes sales down the drain, an expected 4 million foreclosures in 2010 even as lenders strongly hold off on repossessing homes, in short: not a pretty picture at all.

The unemployment rate now stands at 6.1 percent and has risen a full percentage point since March. Four years ago this month it was at 5.4 percent and heading down. The economy has been shedding jobs.

The foreclosure inventory was down 0.8 percent year-to-year. The Orlando-Kissimmee-Sanford area had 11.1 percent of its homes in the foreclosure inventory. It had 11,463 completed foreclosures over the past year (ending in August), though the inventory dropped 1.4 percent year-to-year.

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This so-called “shadow” inventory is expected to weigh heavily. So we still think we’re going to see more foreclosures – even with the government’s effort to modify loans and stem this problem.” So.

Lenders may have inventory of foreclosed homes that have not been released yet. It may be that the process is taking longer, and the REO departments cannot handle the volume, some may have title issues, some might be in a short sale process, or some may be occupied by tenants that just were granted a whole slew of rights through Protecting.

The current housing market is absorbing about 1 million units per year, and at that rate, it will probably take about 3.5 years for the shadow inventory to be bought, occupied or otherwise absorbed.

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Over the first quarter of 2011, the national total of foreclosure filings was down 15 percent compared to the first quarter of 2010, bringing it to a three-year low, realtytrac reported. dual.