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A Big Jump in Foreclosures
Foreclosure activity in the U.S. spiked about 27% from September to October — the largest month-over-month increase in foreclosures since August 2007, according to a report from the real-estate focused company ATTOM Data Solutions. One in every 1,258 residential housing units had a foreclosure filing in October, and while the foreclosure rate is higher than it was in September, it’s still lower than it was at the same time last year.
ATTOM defines foreclosure activity as a property whose owner has received a notice of default on the mortgage, is scheduled for auction or has been repossessed by the bank (basically the beginning, middle and end of the foreclosure process, though these terms and procedures vary by state). Much of the foreclosure activity in recent months came by way of bank repossessions, but foreclosure filings of all kinds increased from September to October.
“The increase in October isn’t enough evidence to indicate a new foreclosure crisis emerging in these states, but it certainly demonstrates that this housing recovery is not completely devoid of risk,” said Daren Blomquist, senior vice president at ATTOM, in a press release about the report. “The loans used in this housing recovery that appear to be most susceptible to foreclosure are those such as FHA and VA with low down payments.”
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