Tara Steele | AgentGenius |
“According to RealtyTrac data out today, although bank repossessions are at their lowest level since July 2007, foreclosure starts rose over 50 percent annually in several states like California, Connecticut, Maryland, and New Jersey.
Foreclosure activity fell 18 percent annually, but rose 8.0 percent in January from December, which RealtyTrac says is driven by the sharp increases in foreclosure starts and scheduled foreclosure auctions.
It is no surprise, however, given how many mortgage servicers hit the pause button on repossessing homes during the holidays, which is a long-running tradition. RealtyTrac Vice President, Daren Blomquist, pointed to an expected rise “after a holiday lull.”
January was the 40th consecutive month of foreclosure activity declines on an annual basis, but this recent dip was the smallest since September 2012.
Blomquist notes that “The foreclosure rebound pattern is not only showing up in judicial states like New Jersey, where foreclosure activity reached a 40-month high in January, but also some non-judicial states like California, where foreclosure starts jumped 57 percent from a year ago, following 17 consecutive months of annual decreases.””