It’s not getting better

Lay people may think that the number of foreclosures should be going down by now.  They’re wrong.

“Foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 341,180 properties in March, 46% more than a year ago and 17% above February’s total, RealtyTrac reports today.”

Now, I like to think I know about these things a little bit, but I ahve no idea what this data exactly means.  Since, default notices go out at the beginning, auction sale notices (usually contained in Final Judgments in Florida) are close to the end and bank repossessions occur after sales and the data is not broken down, we an’t see if there’s any trend.

There is one little tidbit: bank repossessions are down:

“Much of March’s activity was in new foreclosure actions — bank repossessions fell 3% from February. With most of the moratoriums now lifted, bank repossessions are likely to start rising again.”

I have several clients with cancelled sales due to the moratorium and we’re using the time to get modifications done.  We’ll see what April’s numbers look like when several of the big banks three-month moratoriums are set to expire.


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