Posted on 02/12/2015 9:12:47 AM PST by george76
There were more than 2,300 homes and condos in the foreclosure process last month. That is up 104 percent from December.
Statewide that increase is 109 percent from January 2014.
The jump in foreclosures comes as the Phoenix housing market tries to shake off a slow 2014 where low demand for homes and tough mortgage qualifications stymied sales.
Foreclosure activity was also up in states such as Ohio, New Jersey, Maryland and California and metropolitan areas such as St. Louis, Los Angeles and San Francisco.
The worst cities for foreclosures include Atlantic City, Las Vegas and eight Florida markets including Tampa, Orlando, Miami and Jacksonville.
The year-over-year increase in REOs in January was the first annual increase nationwide following 25 consecutive months of declines, getting the foreclosure spring cleaning we anticipated in our last foreclosure report off to a quick start in 2015
(Excerpt) Read more at bizjournals.com ...
More home “owners” that should be renting.
Unexpected!
Especially in the light of this terrific economy. /s
Yeah, let’s give mortgages to people with zero down payment and a shaky job history. What could go wrong?
Whaaaaat???
I thought dear leader says the economy is back and robust!
Boy, I’m SO glad he slowed down that bad old recession Bush left us... just think, things would have been SOOOO much worse!!! ;-/
We live in the small town of Belvidere, N.J. population 2800. We have approximately 25 vacant homes that the owners just walked away from. The value of our homes has plummeted and taxes have soared. Welfare has increased as have food stamps. We are so screwed.
I guess we can expect more “Property Wars” reality TV.
“Unexpected!”
Everything IS, under Obama
Atlantic City, Las Vegas and eight Florida cities post highest metro foreclosure rates.
http://www.realtytrac.com/news/foreclosure-trends/january-2015-u-s-foreclosure-market-report/
Nothing!...when the US taxpayer holds the mortgage instead of the bank!...You don't think a bank would offer let alone hold a mortgage like that if they couldn't pass it on to Fanny or Freddy do you??....No risk to the bank and they get the fees
It’s Deja Vu all over again...
The only way the scam isn't a winner is if the homeowner has some skin in the game.
Am I advocating this? Of course not. But I do get it how some people can reach that point.
Many will be renting. Imagine what will happen when interest rates go up again. ZIRP and NIRP will not last forever.
No problem, just bring in more and more foreigners with money, Muslims etc. They’ll buy the homes Americans are losing.
I drive around neighborhoods searching for homes to buy. It’s incredible how many are obviously vacant. When I finish one I get deluged with requests to rent. So, they’re not empty because the demand isn’t there. They’re in the ghost inventory. I know of one, belonging to a divorced friend where his ex and then the kids continued living in it free for over three years. When he last checked a month ago, the bank has still not filed the initial papers for foreclosure.
A win win for the IRS, biggov, banks etc....
If they cant afford the mortgage chances are good they cant afford rent.
But US Banks will be smiling from ear to ear.
It’s happening right before our eyes...
Most Americans are too stupid to take notice...
That’s okay.. Banks are issuing home loans to illegal aliens, and American companies are hiring them, along with foreign workers with work visas. These are sure Democrat votes.
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