Foreclosure Sales Picking Up

March 21, 2012 4:24 am

We have spotted multiple housing stats in the past – we have written about jobs numbers as well. We spotted this today:

“Last month, LPS reported that foreclosure sales increased 29% month-over-month in January. Note: The sequence is 1) a loan goes delinquent, 2) if it doesn’t cure, after several months, the foreclosure process begins (this is called the “foreclosure inventory”), 3) then the foreclosure is completed “foreclosure sale” and becomes REO (lender Real Estate Owned), and then 4) the REO is sold. Sometimes during this process, the loan will cure or a short sale approved, and not all loans in the foreclosure inventory reach “foreclosure sales”.”

Statistics Source: CalculatedRiskBlog

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