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DS News Webcast: Thursday 10/16/2014

Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, inched upward nationwide in the third quarter despite dropping to their lowest level in eight years in September, according to RealtyTrac's Q3 2014 U.S. Foreclosure Market Report released today. More than 317,000 residential properties in the U.S. reported foreclosure filings in Q3, a decline of 16 percent from the same quarter in 2013 but an increase of 0.42 percent from Q2. It was the first quarter-over-quarter increase reported since the third quarter of 2011.

RealtyTrac cited a 2 percent increase in default notices and a 7 percent jump in scheduled foreclosure auctions as the reasons for the quarterly increase in foreclosure filings. The number of foreclosure filings in September was down 9 percent from August and down 19 percent from September 2013. September was the 48th consecutive month in which foreclosure filings declined on a year-over-year basis. With the recent decline, foreclosure filings nationwide are at their lowest level since July 2006, a total of 98 months.

Bank of America reported its earnings for the third quarter on Wednesday, revealing that the weight of a recent mortgage settlement with the Justice Department hurt the bank's profits. In its quarterly earnings release, the bank reported a net income of $168 million for Q3, down from $2.5 billion  a year ago. Revenue for the quarter totaled $21.4 billion, down just 1 percent from the same time last year. Bank of America's Q3 earnings took a hit from a record $16.65 billion settlement with the Justice Department and other federal and state agencies in August to settle charges against the bank related to the sale of toxic mortgage-backed securities.

About Author: Jordan Funderburk

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