Properties sold at bank foreclosure auctions will likely increase in the coming fourth quarter until the first half of 2011 as the number of delinquent homeowners continue to rise in the U.S. Nationwide increase is relatively slow, but states in the Northeastern region of the country posted some of the highest increases in loan delinquency rates for the 2010 third quarter.
Homes offered at Brooklyn home auctions and at foreclosure auctions in other areas of New York will likely increase in the coming two quarters or so as New York's delinquency rate rose during the July-September 2010 period compared with the same 2009 quarter. According to a report by TransUnion, several states in the Northeast region recorded significant increases in loan delinquency rates.
Aside from properties offered at home auctions in New York, foreclosure rates in areas like Delaware, Connecticut, New Jersey and Maine are also projected to rise in the coming quarters as these states also posted significant increases in the number of delinquent borrowers for the 2010 third quarter. The figure includes homeowners who are at least two months late in paying their mortgages.
Although an increase in delinquency rate does not automatically mean a jump in foreclosure numbers, analysts stated that some way or another, the increase will have some impact on the number of properties being sold at bank foreclosure auctions. Other states that recorded delinquency rate increases in the quarter were New Hampshire, Vermont, Maryland, Rhode Island and Pennsylvania, although the rise is not as high as those recorded by New York and New Jersey.
Surprisingly, Arizona and California, two states with some of the highest number of foreclosure auction homes, recorded a delinquency decline in the third quarter. According to analysts, this could mean that these two hardest hit areas have just about hit the bottom of the foreclosure crisis.
However, they warn that one quarter is not enough to declare a trend and that fourth quarter data will be significant to assess the true status of the housing market. The problem of bank foreclosure auctions is not expected to end soon, with nationwide delinquency rate pegged at 6.44% in the 2010 third quarter compared with 6.25% in the same quarter of 2009.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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