Posted by: Timothy Ellis (The Tim)

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

5 responses to “Foreclosures Spike Up to Close 2012”

  1. softwarengineer

    Yin and Yang

    The “yin” of a foreclosure spike on home prices is most likely drawing them lower.

    The “yang” of clearing the held inventory is they get sold faster [albeit at likely lower prices], fixed up and eventually become respectable neighborhood buddies, less likely to impact any more neighborhood price deterioration.

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  2. Todd

    This is in line with B of A and Chase that announced last summer that they were going to move forward with foreclosures again. So there is usually a delay between filing the foreclosure and the actual trustee sale, so I expect these to flow in throughout 2013 and 2014.

    At least that parallels what we are seeing here.

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  3. Kary L. Krismer

    I have yet to hear from anyone in the industry how the Bain v. MERS decision affected the processing of foreclosures, if at all. That was decided in mid-August. Without knowing the impact of that decision I think it’s difficult to know what the numbers since then mean.

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  4. softwarengineer

    RE: Kary L. Krismer @ 3

    Yes Kary

    That giant lawsuit in NY against B & A and others was to impact the the whole country on administrative delays of foreclosures. It seems to have been swpt under the rug….kick the can, like the fiscal cliff hogwash to shutting government down.

    The organization and logic of this mess is a good Mad Magazine article.

    And BTW, my blog above offerred both sides to the foreclosure issue, do I have a “Hate SWE” contingency on this blog? I’ll repeat, to support longterm [several years] delaying foreclosures means one “CLEAR” thing…..deterioration of neighborhood stock. Explain to me why it doesn’t. And don’t give me that lamebrain Toyota/Lexus floormat excuse for computer and acceleration module electrical component failure. I’m an engineer, I can smell the stench of hogwash like that a mile away.

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  5. Splashoil

    Yves Smith at Naked Capitalism.com has just rolled out a scathing review of B of A’s foreclosure practices which is a must read. I hope professionals here in the industry will read it.

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