From Pine View Farm

Update from the Foreclosure-Based Economy, On the One Hand on the Other Hand Dept. 0

The Chicago Trib reports that indicators for jobs for process servers and robosigners continue strong:

The number of U.S. homes that received a first-time default notice during the July to September quarter increased 14 percent compared to the second quarter, RealtyTrac Inc. said Thursday.

That increase signals banks are moving more aggressively now against borrowers who have fallen behind on their mortgage payments than they have since industrywide foreclosure processing problems emerged last fall. Those problems resulted in a sharp drop in foreclosure activity this year.

Bloomberg, on the other hand, reacts to the same press release differently.

Foreclosure filings in the U.S. declined 34 percent in the third quarter from a year earlier as lenders reviewed paperwork related to delinquent loans and home seizures, according to RealtyTrac Inc.

A total of 610,337 properties received notices of default, auction or repossession, down from 930,437 a year earlier and up from 608,235 in the second quarter, the Irvine, California-based data seller said today in a report. One in every 213 U.S. households got a filing.

I think the two organizations are looking at different sets of numbers: “initial notices of default” vs. final notices of default and actual foreclosure actions, but it is difficult to tell from the relatively short stories.

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