No surprise! Delinquencies are up!
We wanted to share this audio report from an LPS asset manager who has some fantastic first hand knowledge of the REO market and the new REO inventory that's on it's way this year. LPS reports the national delinquency rate hit 8.15% as of last month. A few months ago, we reported to our members that foreclosures had been drying up due to default reviews, loan modification attempts, and new state and federal regulations, and that's precisely what this Asset Manager is reporting as wellin this audio report. The result was a backlog of pending foreclosure listings that were slowed down by these efforts, but as you'll find in this audio report, that's all about to change... Listen to the Asset Manager Audio Report
According to the new report, the month to month Delinquency Drop that we experienced in 2011 has come to a halt, and inventories of troubled loans remain significantly higher than pre-crisis levels across the board. Stay tuned for more news on this topic later this week...
Rob Alley, Realtor/Owner of Virginia Real Estate Solutions at RE/MAX Assured Properties
434-220-7133
roballeyrealtor@gmail.com
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