The other day, someone asked me when foreclosure activity would begin to reflect what I wrote earlier this year (Foreclosure machinery creaks back to life).
After peaking in Q2 2009 & Q3 2010 respectively, Foreclosure Starts and Bank Repossessions have trended downwards ever since. The voluntary mortgage abatements of 2011 during the robosigning negotiations kept the momentum going.
Now, we are starting to see early signs that the foreclosures are beginning to tick back up. September’s numbers was plus 1%, and now October is up 3%.
I suspect we are going to see these numbers continue to creep up, even without any sort of economic slow down. If we do see a recession, than that slow crawl higher becomes faster.
Foreclosure Activity Increased 3 Percent in October
RealtyTrac, November 15, 2012