A MASSIVE WAVE IS COMING!!!
U.S. homes that received a default notice jumped 33% in August from July. This is a HUGE one month increase! In fact, it is the largest one month gain in 4 years with 78,880 properties receiving a default notice. Why the big jump? In the past few months, several key court decisions have been made that basically gave the banks the green light to continue sending out default notices to borrowers who are in default. Sounds crazy, right.
California, which has become the Mecca for foreclosure litigation attorneys, saw their default notices increase by 55% in the past month. Indiana climbed 46% and the state of New Jersey, where last month a judge ruled that banks could resume uncontested foreclosure actions, saw an increase of 42%.
Who is taking the hit? Bank of America, the largest mortgage holder in the U.S., B of A saw (ready for this?) a 200% increase in 1 month for default notices that they sent to borrowers. WOW, talk about a foreclosure pipeline.
- Average loan in foreclosure is delinquent for a RECORD 600 days!
- 1.9 million loans are at least 90 days late and are NOT currently in foreclosure. In fact, of those that are NOT in foreclosure, nearly 800,000 have not made a payment in more than a year. Again, these are people who are not even in the foreclosure process yet.
- There are 300% more foreclosure filings than sales.
- 4.1 million homes are more than 90 days late, this is 800% higher than before the housing crisis began.
- 6.9 million loans are delinquent by 30 days or more.