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Thursday, September 15, 2011

Bank of America Orange County default filings jump 200%

This will pressure on home prices and might get other lenders to push their shadow inventory.
Bank of America filed three times as many default notices on Orange County homeowners in August than the month before, helping to push the overall number of defaults in O.C. up 66 percent last month, according to new figures from DataQuick Information Systems.
Other lenders also increased their default filings – the start of the foreclosure process – although to a lesser degree. The B of A filings jumped 197 percent from July to August, compared to a 50.6 percent increase for all other lenders.
The increase was exaggerated slightly because August had three more business days than in July. But the numbers are up dramatically even after adjusting for the difference.
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