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The number of foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, increased by 15 percent from September to October, the largest month-over-month jump since the peak of foreclosure activity in March 2010, according to RealtyTrac's October 2014 U.S. Foreclosure Market Report released today. Foreclosure filings were reported for slightly more than 123,000 U.S. residential properties in October, which despite the month-over-month increase, still represented an 8 percent decline from October 2013.
The month-over-month increase in foreclosure filings was driven largely by a spike in scheduled foreclosure auctions. Foreclosure auctions nationwide totaled nearly 59,000 for October, the highest total for a single month since May 2013. The October number of foreclosure auctions was a 24 percent increase from September and a 7 percent jump up from October 2013. The state that experienced the largest year-over-year increase in scheduled foreclosure auctions in October was Oregon with 399 percent.
As policymakers signal a desire to open up the mortgage credit box to include more borrowers, Bank of America's CEO says the bank isn't likely to loosen its standards any time soon. Speaking at an investor conference in New York, Bank of America CEO Brian Moynihan said his firm, frequently listed among the top five mortgage lenders in the nation, has little incentive "to try to create more mortgage availability where the customers are susceptible to default."
