Subscribe to This FeedGood News/Bad News on the foreclosure filing front
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First – the bad news -
As predicted, the 3rd quarter number of foreclosure filings (Lis Pendens) on Long Island has already surpassed the record set in the 2nd quarter with 8% of the filing periods still unrecorded. We forecasted that the number could be greater than 5,600. It will definitely exceed that. |
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Now – the good news - As we last reported, the increased Lis Pendens activity was centered on a few lenders. These 3 lenders combined have averaged 135 filings per week for the past 10 weeks, as opposed to 42 filings per week for the previous 80 weeks (since 1/1/2008). Preliminary 4th quarter information is indicating that this filing barrage may be over. |
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For complete information on Long Island Sales and Lis Pendens, visit The Long Island Real Estate Report Stats/Trends area. |
What I’m wondering is does this recent “dumping” of lis pendens reflect pent up filings that are in excess of what is typical (3 months behind- assuming, don’t know this) and we’re now back to regular filings, which will return to the lower numbers (except, are they going to delay some of those, as well, so that there’s another “dump” in the first or second quarter of the year)? It’s hard to tell how many there really are in the pipeline!
Laurie -
The first time I saw a “dump,” as you put it, was just before the 3 month negotiation law went into effect. Obviously, some lenders were more anxious to file than negotiate.
This one appears to be a house cleaning by just a few lenders.
Other lenders with significant numbers of mortgages (Deutsche, Wells Fargo, US Bank, HSBC, Citi, etc., did not have any point in time where they had a significant increase in their filings.
The three mentioned in the post all had an identifiable point when they stepped on the gas.
We will wait and see if it settles to a more predictable trend.
I just heard an extraordinary statistic today on 1010 WINS. Every 13 seconds in America, there is another foreclosure filing or 6,600 per day. If this stat is accurate, we can expect more than 2.4 million filings this year. This is truly an incredible number which I find difficult to believe. Foreclosures are backward looking statistics as they take many months to come to fruition; filings, however, are another story as these are more of a current stat. It would be interesting to find out if the filings are increasing, stable or decreasing as this would demonstrate definitively a trend.