With the changes in foreclosures processes brought on by the robo-signing issues a backlog of foreclosures was created while banks figured out the new processes and/or changed their policies to adhere to them; additionally states that were previously non-judicial foreclosure states that are moving to judicial foreclosure states created their own backlogs in the process. Now however, it seems that with these issues and new processes ironed out, the backlog is getting processed and shrinking which will result in more foreclosures hitting the market.
This is also evident in my own numbers that I track regularly from RMLS. Foreclosure sales are increasing slightly in the last month and new foreclosure listings have gone from around 8% of new listings to just over 10% of new listings over the last month:
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Will we see an increase in foreclosures on the market in 2013? Seems likely, however I do not believe it will be significant (e.g. circa 2008, 2009 & 2010 foreclosure activity).
Stay tuned.
~Scott McDonald
Tags: foreclosure backlog shrinks, foreclosures on the rise
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