Homes in the foreclosure pipeline have been steadily decreasing at the national level, thanks to both an increase in foreclosure sales and declining foreclosure starts, Lender Processing Services said today.
But in many states, LPS’ August Mortgage Monitor shows that pressure in foreclosure pipelines “is still growing or extreme.”
New York, New Jersey and Hawaii — all judicial foreclosure states — have the largest pipeline ratios (90-day-plus delinquencies and foreclosures divided by the six-month average of foreclosure sales).
But nonjudicial foreclosure states like Massachusetts, Oregon and California are also seeing an imbalance in new foreclosures and foreclosure sales. California has seen its pipeline ratio increase nearly 70 percent since a new Homeowners Bill of Rights went into effect at the beginning of the year, and Massachusetts has seen an increase of 136 percent since a state Supreme Court ruling last year slowed the foreclosure process significantly, LPS said.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”