Flood of Foreclosures Heading to Housing Market : Olick

Look at this key quote from Bank of America

a spokesman there responded, "We are on an ongoing path to return foreclosures to normal levels. Strong gains like that from July to August demonstrate our progress – primarily in judicial states — clearing more volume to advance to foreclosure once we pass the numerous quality controls we have in place and exhaust all options with homeowners. Our progress each month builds upon foreclosure levels lower than the market realities would dictate."

 And this analysis by Olick...

The market realities are a far higher number of delinquent loans that have not yet even made it to foreclosure starts. There were 4.38 million delinquent loans recorded in July by Lender Processing Services, which does not include the 2.15 million in the foreclosure process. This latest jump, fed by Bank of America, may push other major loan servicers to do the same.

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