Foreclosure Starts Jump In October

The number of foreclosure starts saw its biggest monthly increase since 2011, according to recently released data from RealtyTrac’s U.S. Foreclosure Market Report for October. The 12 percent spike follows a pattern seen in previous Octobers but the size of the increase was significant. “We’ve seen a seasonal increase in foreclosure starts in October for the past five consecutive years, so it’s not too surprising to see the monthly increase this October,” Daren Blomquist, vice president at RealtyTrac, said. “However, the 12 percent increase this October is more than double the average 5 percent monthly increase in the past five Octobers, and the even more dramatic monthly increases in some states is certainly a concern.” Despite the month-over-month spike, overall foreclosure filings – which include default notices, schedules auctions, and bank repossessions – are still down from one year ago and foreclosure starts, specifically, are down 14 percent from the same point last year. The upward trend, according to Blomquist, could be the result of a number of factors including some long-term delinquencies that are just now entering the foreclosure pipeline or, in other cases, economic uncertainty may be driving more distress. Foreclosure rates were highest in Maryland, New Jersey, Florida, Nevada, and Illinois. More here.

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