RealtyTrac yesterday announced that in September overall foreclosure activity decreased from a year ago in 33 states, but actually was up from a year ago in 16 states, including Maryland (up 230 percent), Nevada (up 97 percent), Connecticut (up 69 percent), New Jersey (up 55 percent), Pennsylvania (up 34 percent), and New York (up 22 percent).
Pack your Bags for Baltimore, Boys. The Rush is On.
Funny thing about today’s foreclosure market. Those parts of the nation that were fortunate enough to be spared the devastation wrought sleazy lenders and the Great Recession now are getting there’s. And in every case, the pain is coming not from the market place but the statehouses where well-meaning but ill-conceived legislation is delaying, not preventing, foreclosures.
Ain’t This a Great Country? Pay Me Now or Pay Me More Later.
So if you’re in the real estate investment business, whether you flip ‘em or hold ‘em, pack your bags for points East and North, judicial state territory, because foreclosure discounts are back in business and distressed sale inventories are actually growing.
Here’s the Latest from the Folks at RT:
- Third quarter foreclosure starts increased from a year ago in 11 states, including Maryland (up 259 percent), Oregon (up 252 percent), New Jersey (up 53 percent), Connecticut (up 52 percent), Nevada (up 36 percent), and New York (up 25 percent).
- A quarterly increase in REOs nationwide was driven by quarterly increases in 26 states, including New York (up 65 percent), New Jersey (up 64 percent), Illinois (up 44 percent), Virginia (up 36 percent), Connecticut (up 34 percent), Indiana (up 30 percent), Nevada (up 29 percent), and California (up 19 percent).
- September foreclosure activity decreased from a year ago in 144 of the 209 metro areas tracked in the report (69 …read more