In recent years, foreclosures have become a major issue in Florida and the rest of the country. Recently, the Wall Street Journal reported on some interesting foreclosure statistics. The statistics regard foreclosure activity in the U.S. in 2011’s third quarter.
The statistics showed a slight quarter-to-quarter rise in foreclosure activity in the third quarter. Reportedly, foreclosure filings were made on 610,337 properties in the U.S. in the third quarter of 2011. This is a slight increase (less than a 1 percent rise) from the foreclosure filing total from 2011’s second quarter.
According to the statistics, one type of foreclosure filing, first-time default notices, saw a fairly significant rise between the second and third quarters of 2011. Reportedly, 14 percent more first-time default notices were sent in 2011’s third quarter than were sent in 2011’s second quarter.
The statistics also appear to indicate that the length of the foreclosure process increased in the third quarter. Reportedly, in 2011’s third quarter, the average length of time of the foreclosure process was 336 days. This is an 18 day increase from what the average length was at in the second quarter of 2011.
Thus, the statistics appear to indicate that, in 2011’s third quarter, the nation saw a slight quarter-to-quarter increase in foreclosure filings, a quarter-to-quarter increase in first-time default notices and a quarter-to-quarter increase in the average length of the foreclosure process. These increases give rise to some questions. What caused these increases to occur? What effects have these increases and their causes had on consumers? Will these increases continue in 2011’s fourth quarter? One wonders how these questions will ultimately be answered.
Source: The Wall Street Journal, “RealtyTrac: 3Q Foreclosure Filings Down 34% On Year,” Nathalie Tadena, Oct. 13, 2011