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Home Defaults Soar 33%
A new wave of foreclosures hit in August, as banks picked up the pace in taking action against home owners who have fallen behind on their mortgage payments, RealtyTrac Inc. reported Thursday.
The number of U.S. homes that receiving an initial default notice rose 33 percent in August from July. That increase represents the biggest monthly gain in four years, according to RealtyTrac.
“This is really the first time we’ve seen a significant increase in the number of new foreclosure actions,” says Rick Sharga, a senior vice president at RealtyTrac. “It’s still possible this is a blip, but I think it’s much more likely we’re seeing the beginning of a trend here.” (…)
Low Appraisals Present Challenge
After all the preparation, repairs, painting, de-cluttering, staging and sweat you put into having your home show its absolute best to maximize the sales price, it seems unfair that the transaction can unravel because of a low appraisal. Recently, the National Association of REALTORS® reported that 16 percent of real estate professionals surveyed in June reported a cancelation of a sale, due to low appraisal on the property. (…)