Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/11/2011 (2 years ago)

Catholic Online (www.catholic.org)

Foreclosure activity picking up steam after 'robo-signing' debacle

Foreclosures of U.S. homes increased in the month of October from the previous month of September by as much as 10 percent. The states of Florida, Pennsylvania and Indiana reported the highest increases. The number of homes scheduled to be auctioned or repossessed by lenders also posted monthly increases.

Foreclosures had slowed a year ago after it was learned that many lenders were handling foreclosure documentation, inaccurate mortgage paperwork using several shortcuts, commonly known as 'robo-signing.'

Foreclosures had slowed a year ago after it was learned that many lenders were handling foreclosure documentation, inaccurate mortgage paperwork using several shortcuts, commonly known as "robo-signing."

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/11/2011 (2 years ago)

Published in Business & Economics

Keywords: Foreclosure, real estate, home sales, robo-signing


LOS ANGELES, CA (Catholic Online) - Notices of default, scheduled auctions and bank repossessions, which are warnings that can lead to a home being lost to foreclosure. All hit a seven-month high in October.

Foreclosures had slowed a year ago after it was learned that many lenders were handling foreclosure documentation, inaccurate mortgage paperwork using several shortcuts, commonly known as "robo-signing."

A year ago, several major banks acknowledged problems with paperwork they were using to file foreclosure actions against delinquent homeowners. They announced various changes in practices and temporary moratoriums in new filings while they worked through the problems.

The banks now appear to have put this behind them and are proceeding to address a swelling backlog of homes with mortgages that have gone unpaid, something that lenders are seeing more of as the economy struggles and unemployment remains high.

Credit agencies report that 5.88 percent of homeowners missed two or more payments, an early sign of possible foreclosure, up from 5.82 percent in the second quarter of 2011.

The number of U.S. homeowners underwater on their mortgage, owing more than their homes are worth, is yet another potential source of trouble for lenders.

As of June 30, some 22.5 percent of all U.S. homes had a mortgage that was under water, or 10.9 million properties. Another 2.4 million borrowers had less than 5 percent equity in their home.

In some states, the number of homeowners put on notice by banks for missing payments far exceeded the national average for October.

According to RealtyTrac, Florida posted a 28 percent jump in October from September in homes receiving an initial default notice. Pennsylvania saw a 50 percent increase and Indiana registered a 61 percent gain.

In spite of registering a 34 percent drop in foreclosure activity overall, Nevada still registered the highest foreclosure rate in the nation for October, with one in every 180 households receiving a foreclosure-related notice.

Lenders took back 67,624 properties in October, up 4 percent from the previous month, but down 27 percent from a year earlier.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2014
Peace:
That the Lord may grant peace to those parts of the world most battered by war and violence.
World Mission Day: That World Mission Day may rekindle in every believer zeal for carrying the Gospel into all the world.



Comments


More Business & Economics

Christmas shopping in October? Apparently it's becoming a big deal Watch

Image of Shoppers are already out, despite the fact Halloween hasn't even arrived.

By Catholic Online (NEWS CONSORTIUM)

Shoppers are starting early with October 5 being declared by retailers as "Stock Up Saturday." Consumers are already Christmas shopping which means more of the revenue available to retailers will be harvested earlier in the shopping season. For retailers that choose to ... continue reading


List of Top 20 World Brands - Apple tops Google as world's leading brand for second time in row Watch

Image of The Apple Watch has enjoyed success in numerous fashion circles, featured on the cover of Vogue, among others.

By Catholic Online (NEWS CONSORTIUM)

Apple has topped Google as the world's most valuable brand for the second year in a row. The two companies are the only brands to be valued at more than $100 billion, according to the annual Best Global Brands report. LOS ANGELES, CA (Catholic Online) - ... continue reading


Here they come! China passes U.S. economy based on purchase power Watch

Image of Under President Obama's administration, China may surpass the U.S. economy.

By Catholic Online (NEWS CONSORTIUM)

The International Monetary Fund (IMF) has reported that China has overtaken the United States and is now the world's largest economy, at least based on purchasing power parity (PPP). LOS ANGELES, CA (Catholic Online) - The IMF said that by the end of 2014, China ... continue reading


Rosie the Riveter would cry: Record 55,553,000 women not participating in U.S. workforce Watch

Image of The strides made by women in the workplace sadly isn't reflected in recent job statistics.

By Catholic Online (NEWS CONSORTIUM)

The strides made by women in the workplace seems to have gone up in smoke across the United States. The determined visage of Rosie the Riveter during World War II to women taking the place of men in hard industry - declaring "We can do it!" would certainly shed ... continue reading


400 wealthiest Americans now worth cumulative $2.3 TRILLION Watch

Image of Facebook founder Mark Zuckerberg has finally cracked America's most wealthy top ten at tenth place.

By Catholic Online (NEWS CONSORTIUM)

The rich, indeed get richer -- America's wealthiest are worth more than ever before. The United States' top 400 billionaires are now worth a dazzling $2.3 trillion, according to the latest edition of the Forbes 400. LOS ANGELES, CA (Catholic Online) - It comes ... continue reading


Record debt coupled with slow growth point to economic crisis, Geneva Report says Watch

Image of The Geneva Report says the rapid rise of public sector debt in rich countries and private debt in emerging markets, especially China, may lead to0 fresh economic crisis.

By Catholic Online (NEWS CONSORTIUM)

Record debt and slowing economic growth suggest the global economy could be heading for another crisis, the 16th annual Geneva Report warns. Commissioned by the International Center for Monetary and Banking Studies, the report predicts interest rates across the ... continue reading


Walmart to enter banking world with low-cost checking accounts Watch

Image of Walmart has been eying financial services for some time now.

By Catholic Online (NEWS CONSORTIUM)

Walmart is making its biggest venture into the banking world after several failed attempts in the past. The nation's largest retailer is joining Green Dot, already known for its prepaid payment cards, to supply checking accounts to nearly everyone over 18 years ... continue reading


The Chinese are coming! E-commerce giant Alibaba cleans house with its initial public offering Watch

Image of Chinese e-commerce giant Alibaba has raised more than $21 billion with its IPO, with stocks priced at $68 per share, signaling a strong demand for the tech-giant.

By Catholic Online (NEWS CONSORTIUM)

The Chinese e-commerce giant Alibaba has made the largest U.S.-listed initial public offering (IPO) of all time, with stocks priced at $68 per share, signaling a strong demand. LOS ANGELES, CA (Catholic Online) - Only large investors, like hedge funds, can ... continue reading


Bottom of the Barrel - Thanks to business tax, the U.S. is Number 32 in the world Watch

Image of A competitive tax code is one that limits the taxation of businesses and investment. Since capital is mobile and businesses can choose where to invest, tax rates that are too high

By Catholic Online (NEWS CONSORTIUM)

A new international ranking shows that the U.S. tax burden on business is close to the worst in the industrialized world. So says the Wall Street Journal, the nation's leading journal on business. The White House and Sen. Charles Schumer (D., N.Y.) will attempt ... continue reading


Unemployment rate for black Americans at 11.4 percent, more than double the rate for whites Watch

Image of There remains a wide disparity in employment in the United States, in spite of efforts to close this broadening gap.

By Catholic Online - (NEWS CONSORTIUM)

There remains a wide disparity in employment in the United States, in spite of efforts to close this broadening gap. Figures show that while unemployment nationwide is 6.1 percent, the unemployment rate for black Americans at 11.4 percent. LOS ANGELES, CA ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Ephesians 2:12-22
12 do not forget, I say, that you were at that time ... Read More

Psalm, Psalms 85:9-10, 11-12, 13-14
9 His saving help is near for those who fear him, his ... Read More

Gospel, Luke 12:35-38
35 'See that you have your belts done up and your ... Read More

Saint of the Day

Saint of the Day for October 21st, 2014 Image

St. Hilarion
October 21: Abbot and disciple of St. Anthony the Great, companion of St. ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter