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Number of Homes Facing Foreclosure Rose in July

By Call it Crazy   Follow   Thu, 9 Aug 2012, 6:20pm   1,174 views   9 comments
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Published: Thursday, 9 Aug 2012 | 6:26 AM ET
http://www.cnbc.com/id/48563823

From our friends at CNBC... you know which way they swing......

"More U.S. homes started on the foreclosure path in July, as lenders tackled a backlog of mortgages gone unpaid even as they pulled back on home repossessions."

"The number of homes that received an initial notice of default — the first step in the foreclosure process — increased 6 percent in July compared to the same month last year, foreclosure listing firm RealtyTrac Inc. said Thursday."

"Filings of initial default notices have increased on an annual basis for three months in a row."

"The trend comes as banks work to make up for time lost last year as the mortgage-lending industry grappled with allegations that it had processed foreclosures without verifying documents."

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I just love the smell of a housing recovery!!

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1. E-man Follow Befriend (31) 34 threads 2,543 comments San Jose, CA Premium

   1   7:32pm Thu 9 Aug 2012   Share   Quote   Permalink   Like   Dislike   Protected   Aren't you glad you didn't buy that foreclosed house? You would have been underwater the moment you closed escrow. God is looking for you. Stay renting for a while.

2. iwog Follow Befriend (48) 272 threads 12,462 comments 47 male Lafayette, CA Premium

   2   7:58pm Thu 9 Aug 2012   Share   Quote   Permalink   Like   Dislike   Protected   Call it Crazy says "More U.S. homes started on the foreclosure path in July, as lenders tackled a backlog of mortgages gone unpaid even as they pulled back on home repossessions." Because of what I've observed in the Northern California market, I can say without hesitation that an increase in foreclosures here would be like throwing a ham into a tank full of starving piranha.

3. Call it Crazy Follow Befriend 228 threads 2,753 comments

   3   8:01pm Thu 9 Aug 2012   Share   Quote   Permalink   Like   Dislike (1)   E-man says Aren't you glad you didn't buy that foreclosed house? Actually, I made a low ball offer on it, and seller signed the contract..... we'll see if the bank takes the "bait" and accepts it.....

4. Call it Crazy Follow Befriend 228 threads 2,753 comments

   4   8:10pm Thu 9 Aug 2012   Share   Quote   Permalink   Like   Dislike (1)   And in other news in New Jersey: New Jersey Mortgage Delinquencies Rise http://blogs.app.com/inthemoney/2012/08/09/new-jersey-mortgage-delinquencies-rise/ "More residential mortgages in New Jersey were delinquent at the end of the second quarter. But foreclosure starts fell, a mortgage industry group reported today." "The Mortgage Bankers Association found 9.16 percent of mortgages were delinquent, up from 7.82 percent at the end of the first quarter. That’s the sixth highest delinquency rate nationwide." "Meantime, 7.65 percent of homes with mortgages were in the foreclosure process, down from 8.37 percent foreclosure process at the end of the first quarter, the association said. Foreclosure starts fell from .7 percent to .61 percent, the ninth lowest rate nationwide." ********************** Let's see, delinquencies are up but foreclosure starts are down.... sounds like a recipe to add to the "shadow" inventory...

5. robertoaribas Follow Befriend (23) 55 threads 3,765 comments Scottsdale, AZ robertoaribas's website

   5   8:59pm Thu 9 Aug 2012   Share   Quote   Permalink   Like   Dislike   In NJ and Fl I can easily believe that the waiting list of foreclosures is very large, large enough to make me doubt their real estate markets going forward. In California and Arizona, i don't see any evidence of this.

6. E-man Follow Befriend (31) 34 threads 2,543 comments San Jose, CA Premium

   6   10:23pm Thu 9 Aug 2012   Share   Quote   Permalink   Like   Dislike   Protected   Call it Crazy says E-man says Aren't you glad you didn't buy that foreclosed house? Actually, I made a low ball offer on it, and seller signed the contract..... we'll see if the bank takes the "bait" and accepts it..... If you made a low ball offer and the seller accepted, your offer was not low enough, or you over-paid for it. Sorry to break the bad news to you.

7. ELC Follow Befriend (3) 3 threads 657 comments Fort Lauderdale, FL

   7   5:13am Sun 23 Sep 2012   Share   Quote   Permalink   Like   Dislike   E-man says If you made a low ball offer and the seller accepted, your offer was not low enough, or you over-paid for it. Sorry to break the bad news to you. That's right. The seller should have countered your offer so you would feel like you got a bargain when you met him half way with your counter offer. :)

8. bg Follow Befriend (12) 40 threads 310 comments Pacifica, CA Premium

   8   8:28am Sun 23 Sep 2012   Share   Quote   Permalink   Like   Dislike   Protected   robertoaribas says In NJ and Fl I can easily believe that the waiting list of foreclosures is very large, large enough to make me doubt their real estate markets going forward. In California and Arizona, i don't see any evidence of this. Say more about what you see in California, if you don't mind. I am in the Bay Area and often try to make sense out of all the stuff people say about this place.

9. Bigsby Follow Befriend 2,826 comments Monterey, CA

   9   8:44am Sun 23 Sep 2012   Share   Quote   Permalink   Like   Dislike   E-man says Call it Crazy says E-man says Aren't you glad you didn't buy that foreclosed house? Actually, I made a low ball offer on it, and seller signed the contract..... we'll see if the bank takes the "bait" and accepts it..... If you made a low ball offer and the seller accepted, your offer was not low enough, or you over-paid for it. Sorry to break the bad news to you. Learn from your victory. Prosper from your failure. It sounds like he's talking about a short sale rather than a foreclosure, so...