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Foreclosure Inventories Rise to Record Levels in October
It is quite logical and not surprising that the level of foreclosure inventory rose to all-time highs in October. According to the October Mortgage Monitor Report of a mortgage processing group (Lender Processing Services),[link widoczny dla zalogowanych], up to 2. 1 million loans went into total inventory for foreclosures in the month.
The figure is on top of another 2. 2 million mortgages that are categorized as delinquent by up to 90 days, though still not yet in the foreclosure status. Those led monthly foreclosure inventories to rise to about 7. 4 times greater than historical averages. The figure continues to move up.
The number of delinquent home loans remains high. Currently,[link widoczny dla zalogowanych], it is about 2. 7 times higher than historical averages. A rising volume of new delinquencies (60 days) consists mostly of re-defaults of existing loans that were previously categorized as 60 days or more days delinquent. However,[link widoczny dla zalogowanych], the volume of first time or new troubled loans remains stable throughout the past several months.
The same report indicated that sales of foreclosed homes significantly declined in October, logically due to the widespread moratorium of home lenders in the country. In September, mortgage banks halted their respective foreclosure activities following numerous allegations from borrowers that such lenders have, mostly, mishandled their foreclosure processes and activities. The issue prompted mortgage banks to review their processes and documents and, in turn, freeze or drastically slow down their foreclosure tasks.
Still in October, the number involuntary liquidation or loans that proceeded to bank-owned statuses from ��under foreclosure processes�� fell by a whopping 35%. This decline is still attributed to the widespread effect of halted foreclosure activities of banks to the overall status of the home and mortgage sectors.
As foreclosure activities continue to rise, loans that are delinquent by 6 months and 12 months are proceeding to foreclosure. However, extremely delinquent category loans (more than 12 months delinquent) show continuous growth and maturity. In the month, up to a third of total home loans are categorized as delinquent by about 90 days or more. About 18% of total home loans are overdue loans that should have been repaid by borrowers more than two years ago.
Despite halted foreclosure activities of mortgage lenders, up to 263, 000 home loans proceeded to the foreclosure process in October. That was about 4. 4% lower compared to foreclosed homes in September. Analysts assert that without the lenders�� moratorium, the number could have climbed to record levels.
Visit ForeclosureConnections. com for more information on the foreclosure housing market. For cheap forclosed homes in Chicago,[link widoczny dla zalogowanych], IL, visit foreclosureconnections. com, your source of forclosures.Topics related articles：

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