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Foreclosed Home Inventory Jumps 9% in Q1

“Foreclosure inventory was up 9 percent year-over-year (YoY) in the first quarter to 1.5 million properties, according to RealtyTrac’s foreclosure inventory report.

The increase was led by a 59 percent YoY increase in pre-foreclosure inventory.

Delinquent loans have been working their way through the pipeline after the National Mortgage Settlement was finalized last year.

“The settlement provided some closure regarding accepted foreclosure processing practices, and as a result lenders have been reviving more of these delinquent loans and pushing them into foreclosure over the past 12 months,” said Daren Blomquist vice-president of RealtyTrac in a press release.

“Particularly in states where a lengthy court process has resulted in a bigger backlog of non-performing loans still in snooze mode.”

Here are some details from the report…”

Full article

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