Banks Gradually Clearing Backlog Of Mortgage Delinquencies

Overwhelmed by the number of mortgage delinquencies, banks are overcoming their paperwork processing issues to process more foreclosures and to sell these homes and move them through the system.

With each foreclosure, banks lose on average more than $40,000.

For the first time in about a year, the rate of mortgage delinquencies is rising, presaging a rise in mortgage foreclosures, and more downward pressure on home prices, leading to more homes falling underwater and the vicious cycle continues.

Bloomberg reports:

“The overhang tied to delays in the court system is improving slowly, though we still have a large backlog,” Brinkmann said.”
The inventory of homes in foreclosure fell to 4.43 percent from 4.52 percent in the first quarter, the second consecutive quarterly decline, according to the Mortgage Bankers’ report. New foreclosures dropped to 0.96 percent from 1.08 percent, the third consecutive slump, the trade group said.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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