Despite the drop in foreclosures, petitions to foreclose, the initial stage of the foreclosure process, increased 154 percent to 2,396 in August from 943 during the same month last year but were 17.4 percent lower than the 2,899 petitions filed in July 2009.
There were 658 foreclosure deeds recorded in August, down 34.5 percent from 1,005 in August 2008 and 4.4 percent lower than the 688 deeds recorded in July. Foreclosure deeds are the final step in the process and represent completed foreclosures. A total of 6,076 foreclosure deeds were recorded in the first eight months of 2009, a 31 percent drop from 8,811 in the first eight months of 2008.The large increase in year-over-year foreclosure petitions is mostly due to a state law that went into effect last May that led to a temporary slowdown in the initiation of foreclosure proceedings. The law requires lenders intending to start foreclosure proceedings to give defaulting borrowers 90 days to catch up with missed payments.
So far this year, lenders have filed 19,108 petitions to foreclose, a 31.6 percent increase from 14,521 recorded during the same period last year.
The number of auction announcements tracked by The Warren Group has fallen this year. Auction announcements dropped 22.1 percent to 1,370 in August from 1,759 in August 2008. So far this year, The Warren Group has tracked 10,764 auction notices, down 22 percent from 13,798 during the same period last year.
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So far this year, lenders have filed 19,108 petitions to foreclose, a 31.6 percent increase from 14,521 recorded during the same period last year.
Such a big jump... Too bad for the moment in this crisis
Posted by: Tony | October 05, 2009 at 12:40 PM