2010 Third Quarter Sees 31% Foreclosure Increase

The Office of the Comptroller of the Currency, which oversees the largest banks, reports these banks had a third quarter 31.2% increase over the previous quarter in foreclosures. The third quarter had 382,000 home foreclosures. The OCC foresees more foreclosures coming as 1.2 million homes were in the foreclosure process at the end of the third quarter—a 10.1% increase from last year.

In addition, the OCC said lenders have already started picking up the pace on foreclosures and predicts this trend will continue in 2011 to deal with the huge backlog. On the more recent delinquencies, borrowers more than 60 days delinquent dropped 6.4% from the previous quarter, but the number of mortgages between 30 and 60 days delinquent rose 4.3%.

What this means, my fellow short sale agents, is that we are dropping the ball on finding, educating and working with these distressed property owners. For help on identifying and assisting theses sellers, be sure to check out a webinar we recently did called Lead Palooza – Generating Motivated Leads.