Realty Trac, an online marketplace for foreclosed properties, reported a slight increase(1%) in foreclosure filings in the 3rd qtr, compared to the previous qtr. Even though the increase was small, it is significant since it broke the trend of three consecutive quarterly decreases.
The 3 quarters of decreases were due to banks holding up the filings, to assess the processes in the face of the robo signing scandal. It appears that the banks are now back on track, which signals the likelihood of the number of filings increasing at a very high rate in the upcoming months.
Meanwhile the time taken to process the foreclosure has increased. Nationally, average processing times have increased to 336 days - in the 2nd qtr they were 318 days according to this article on CNN Money.
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Bela Vora, REALTOR®,
Coldwell Banker Preferred - Exton
Office: 610 363 6006; Cell: (484) 947 3127
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