Foreclosures Increase Again

According to foreclosure listing firm RealtyTrac, the number of U.S. homes entering the foreclosure process for the first time increased for the second consecutive month (in June) this year. The local Jacksonville moving specialists learned that California had a big hike in foreclosure starts, increasing 18% versus last year in June. This rise in foreclosure is happening as the banks are recovering from the robo-signing incidents and after they've reached $25 billion settlement. So now, all of the backlogged unpaid mortgages are floating to the surface. Lenders initiated foreclosure on 12% of the loans behind payment in June, which the All My Sons of Jacksonville moving team learned was the highest number since the first 6 months of 2009. Most likely, these people that are getting foreclosed on haven't been making their monthly payments for about a year and are just now starting the process. So this kind of new inventory doesn't really represent new homeowners in distress. The spike in foreclosures might mean more short sales are also underway as well.


The local Jacksonville movers learned that in the second quarter took about 378 days for a home to complete the foreclosure process, where the bank took over the property. Short sales took about 319 days to sell. According to the Mortgage Bankers Association, there are 3 million U.S. homes behind their mortgages and an additional 629,000 homes were on banks' books but not sold yet. The local Jacksonville movers learned that that's a 15-month supply at current pace of sales. 13 million home loans are underwater which means they're also at a risk of going through the foreclosure process.