American foreclosures surge 21 percent: RealtyTrac

According to RealtyTrac the number of foreclosures in America has risen 21 percent in September from the same time last year, although the figure fell by double digits from the previous month in some states as the slowed down the foreclosure process. RealtyTrac the company who did the report are a research firm who provide monthly reports on the different stages of foreclosures in the US property market.

Bank repossessions, auction sale notices and default notices fell to 265,968 in September that’s a drop of 12 percent from August. This counts for a one in every 475 US household in September receiving a foreclosure filing according to the RealtyTrac report, which is still extremely alarming.

It was reported that the decrease of 12 percent was mainly due to some states changing their laws to help homeowners who had trouble with their mortgage repayments by slowing down the process.
The report showed that California saw a decrease of 51 percent of foreclosure filings in September from the previous month and that was due to the a new law in California law stating that lenders are require to contact the borrower at least 30 days before filing a Notice of Default (NOD).

California wasn’t the only place to be helped by a new law; in North Caroline a new law slowed the rate of default notices by 66 percent. Although this is not expected to last, as the laws changing over was the reason the foreclosures slowed.

Source: cnbc