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Foreclosure Auctions Spike Again

Foreclosure Auctions Spike Again

Foreclosure Auctions Spike Again, Foreclosure filings rose across the nation in October, and Inland Southern California was not immune to the spike in activity.
The downward slide of notices by banks and loan handlers to take back houses and condos or sell to a third-party investor in the two-county region has lasted for many months.

But in October, Inland Southern California saw an 8 percent gain in foreclosure notices going out to households from a year ago, a new report from Irvine-based RealtyTrac said.

Distressed properties that have been in a holding pattern for years are finally being cleared for landing at the foreclosure auction, RealtyTrac vice president Daren Blomquist said. Banks are ramping up for a spring cleaning to, once and for all, clear out the distressed inventory from the housing bust.

Foreclosure filings were recorded on 123,109 properties across the nation in October. That’s up 15 percent from September, the biggest month-to-month gain since foreclosure activity peaked in March 2010, but still down 8 percent from a year ago.

States with some of the biggest increases of foreclosure cases going through the courts: Maryland, Florida, Ohio and Illinois. California ranked 11th nationally in foreclosure activity; 14,994 households received a notice of default, trustee’s auction or bank repossession.

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