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Lenders Slow Foreclosures By 5% in 2010, Boosting Shadow Inventory: RealtyTrac

Mortgage servicers bypass foreclosure delays with more short sales Foreclosures and short sales, in which the lender agrees to a sale for less than the balance of the mortgage. While the delays have slowed the foreclosure of properties with distressed loans, fewer.

Foreclosures – which include default and auction notices or bank repossessions – rose to 937,840 in the third quarter, up 5% from. Saccacio, RealtyTrac’s chief executive officer. And it’s likely to.

As lenders tightened. more than 14 million homes are in foreclosure, are delinquent on their mortgages or owe more than their houses are worth, creating a shadow inventory that is holding down.

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"With shadow inventory, rising foreclosures, little job growth and more stringent access to credit, weak sales will persist and the industry’s headache will linger." Home sales had soared in March and April as homebuyers rushed to sign contracts ahead of the April 30 deadline for the $8,000 tax credit.

The First-time homebuyer credit helped perk prices up by mid-2010. RealtyTrac reported the first quarterly increase in foreclosure filings in three quarters. Even more discouraging: new default.

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RealtyTrac: State’s foreclosures fell during first quarter. quarter of 2010 and 20 percent from the first quarter of 2010, RealtyTrac said.. of a “shadow inventory” of homes where.

Foreclosures – which include default and auction notices or bank repossessions – rose to 937,840 in the third quarter, up 5% from the previous quarter and 23% from the same period last year.

A surprise uptick in home foreclosures. can withstand the foreclosure boost, analysts say, and investors may see more REO buying prospects as some of the shadow inventory comes on the market in the.

Home sales typically begin to slow. foreclosure processes in the country. New Jersey has experienced 100%-plus increases in foreclosure activity this year, according to RealtyTrac, as lenders.

But lenders sent out 5.5% fewer default notices compared to a year ago. That means there’s even more shadow inventory backing up in the pipeline. “There is a buildup in delinquent loans that are not.

Foreclosures and short-sales are boosting the so-called shadow inventory, and competing with owners trying to sell properties. Home seizures jumped 38 percent in the second quarter from a year earlier.