57% Increase in Completed Foreclosures

Posted January 5, 2011

Data from federal regulators show that the nations’ largest lenders repossessed nearly 187,000 homes during 3^rd quarter 2010. Foreclosure completed were up 57 ½ % from same quarter 2009 and almost 15% from 2^nd quarter 2010.

The lenders reporting include: Bank of America, JPMorgan Chase, Citibank, HSBC, MetLife, PNC, U.S. Bank, Wells Fargo, and OneWest Bank (formerly IndyMac). The report covers about 64 percent of all first-lien mortgages in the country, worth $5.8 trillion in outstanding balances.

Servicers modified 1,506,025 loans from the beginning of 2008 through 2^nd quarter of 2010. At six months after modification, 20.2% modifications made in 4^th quarter 2009 were seriously delinquent as compared to 33.5% made during 2^nd quarter 2009.

DS News – Completed Foreclosure Up 57% From Year Ago

Commercial realtor

Commercial real estate with a focus on out-of-state investment property for my Southern California investors. My clients are Southern California local buyers looking for a return far better than what is available around here and that generally means out-of-state. We have expert property management, legal, and contracting services available.