Backlog of Judicial Foreclosure Auctions Making its Way Through Pipeline

Judicial foreclosure auctions, according to RealtyTrac, have seen a 7% increase from last year, and are up 10% from September 2013. There are 22 States that use judicial procedures as the primary way to foreclose. These include: Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin. In all other states, foreclosure is usually handled by attorneys who follow a state-mandated process. “The backlog of delayed judicial foreclosures continues to make its way through the pipeline, with many of these properties now being scheduled for the public auction after starting the foreclosure process last year or earlier this year,”said Daron Blomquist of RealtyTrac. The States that saw the biggest leaps from last year in judicial foreclosure auctions included:

--Maryland: up 177%

--Delaware: up 142%

--New York: up 98%

--New Jersey: up 97%

--Pennsylvania: up 58%

--Connecticut: up 35%

--Florida: up 32%

This is good news for REO buyers who may have felt a little slowdown in new inventory releases in the past two Quarters. This is a huge signal to us that it’s not over yet!!!!!!