Foreclosures Predicted to Increase in 2013
According to an article in DSNews, a noted real estate and REO industry source, foreclosures are expected to rise this year. Experts expect the industry to experience a continual increase in specifically judicial foreclosure states, especially early 2013. Its predicted states with non-judicial legislation will see more foreclosure activity near the end of the year. (Judicial foreclosures are handled through the courts; non-judicial foreclosures can happen without court intervention.)
Lenders Taking Longer to Foreclose
As foreclosures rise, foreclosure timelines are also expected to lengthen. Right now, the nationwide “average” for the number of days it takes for a property to go through the foreclosure process is 414, according to 4th Quarter data from RealtyTrac. In fact, this is the longest national average recorded by RealtyTrac since back in 2007, when they first started measuring foreclosure timeline data.
New York Takes Longest to Foreclose
Currently The Big Apple takes the longest to foreclose on a property. It takes an estimated 1,089 days in New York for a bank to foreclose. New Jersey follows by taking an average 987 days to foreclose. Florida ranks 3rd, taking approximately 853 days.
Texas Has Shortest REO Timeline
Texas has the shortest timeline, taking only 113 days to foreclose, but even The Lone Star State’s timeline saw an increase by 17% the last quarter of 2012.
Increase in Mortgage Field Services Activity
More foreclosure activity means more activity for companies that strategically service the REO industry, like smaller foreclosure cleaning vendors, junk hauling companies, handyman services, locksmiths, lawn maintenance businesses, and the like.
To read the full article on DSNews, see http://www.dsnews.com/articles/foreclosures-declined-in-2012-increases-expected-2013-2013-01-17.
Continued success with your businesses in 2013!
More Foreclosure Cleaning Articles:
How to Add “Commercial Trash-outs” to Your Foreclosure Cleanup Business, http://www.foreclosure-cleanup-blog.com/?p=353
How to Pass a Property Preservation Quiz, http://foreclosure-cleanup-industry.com/articles/quizx.htm
How to Effectively Advertise Your Small Business on a Start-up Budget, http://foreclosure-cleanup-industry.com/articles/advertise.htm
Dissecting a Foreclosure Cleanup Work Order, http://www.foreclosure-cleanup-blog.com/?p=134
Clauses Your Foreclosure Cleaning Contract Should Include, http://www.foreclosure-cleanup-blog.com/?p=2247
Cassandra Black is a Foreclosure Cleanup Business Consultant, the Author of How to Start a Foreclosure Cleanup Business, and several foreclosure cleanup industry and field asset services Guides, Reports and Forms available via Stone Cottage Books and Amazon. She is also CEO of Foreclosure Cleanup, LLC and a Real Estate Investor and Landlord. Follow Cassandra and Foreclosure Cleanup, LLC on Twitter. Check back often for more How to Start a Foreclosure Cleanup Business: FREE Articles & Advice posts.