It’s not a B-reel Harry Potter movie, folks; it’s a phenomenon by which the number of Notices of Default filed in August in the U.S. has spiked dramatically-- an overall increase of 116% --to the highest level in a year. An August 2011 ForeclosureRadar report shows that the Notices of Default (NOD) or Notices of Trustee Sale(TS) rose in nearly every state, with California’s NODs jumping 69.5% and TSs jumping 6.06% over the previous month. Alameda County Realtor Pacita Dimacali localizes the issue: “In my neck of the woods, the jump is even more dramatic”: NODs in Alameda County climbed to 71.97% over the previous month, while TS numbers grew 7.78% .“Just as we were seeing a slowing down of NODs and TSs, we are now rudely awakened by the drastic upward spike. We can assume that many loans are re-setting, and the property owners are unable to meet the higher mortgage payments. But [so many] in one month?”
· Dawn of the shadow inventory: a significant upswing in Notices of Default filed in California [Active Rain]
· ForeclosureRadar [website]
Tuesday, September 27, 2011
Quotes: Dawn of the Shadow Inventory!
× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Tuesday, September 20, 2011, by Anna Marie
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