According to ATTOM Data Solutions, foreclosures jumped 27% in October from September’s 129-month low. The increase in foreclosures was the largest monthly increase since August 2007.
The report indicates that there were a total of 105,481 foreclosure filings, default notices, scheduled auctions or bank repossessions during the month of October 2016. Notwithstanding, October still marked the 13th consecutive month of annual decreases.
Fast Facts
+Foreclosure increases occurring in Arizona, Colorado and Georgia are more heavily tied to loans originated since 2009
+Data shows FHA and VA loans combined represent 49% of all active foreclosure inventory for loans originated in the seven years ending in 2015
+FHA and VA loans only represent 12% of all active foreclosure inventory among loans originated in the previous seven-year period, from 2002 to 2008
+Delaware was the state with the highest foreclosure rate – one in every 355 housing units
+New Jersey was the state with the second highest foreclosure rate – one in every 564 housing units
+Maryland was the state with the third highest foreclosure rate – one in every 679 units
+Illinois was fourth – with one in every 704 units
+South Carolina was fifth – with one in every 801 units
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.