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Mortgage-default filings surge in Indiana, nation

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Default notices sent to delinquent U.S. homeowners surged 33 percent in August from the previous month, a sign that lenders are speeding up the foreclosure process after almost a year of delays, RealtyTrac Inc. said.

Indiana saw an increase of 46 percent, a bigger rise than every state except California.

First-time default notices were filed on 78,880 properties nationally, the most in nine months, the Irvine, Calif.-based data seller said Thursday in a report. Total foreclosure filings, which also include auction and home-seizure notices, increased 7 percent, from a four-year low in July to 228,098. One in 570 homes received a notice during August.

On a year-over-year basis, foreclosure filings dropped for an 11th straight month after claims of “robo-signing,” or pushing through documents that weren’t verified, spurred an investigation by state attorneys general in October. The jump in default notices from July—the biggest monthly gain in four years—shows that banks’ paperwork delays are easing even as industry talks to settle the probe continue, RealtyTrac said.

“The industry seems to be hitting the reset button and the logjam may finally be breaking up,” Rick Sharga, senior vice president, said. Foreclosure filings this year have been “artificially low,” he said.

Total filings in August dropped 33 percent from a year earlier. Default notices fell 18 percent from the year before, while scheduled auctions slid 43 percent from August 2010 and 1 percent from the previous month.

Lenders seized 64,813 properties in August, a 4-percent decline from the previous month and a 32-percent slump from a year earlier, according to RealtyTrac. The jump in default notices means repossessions probably will increase in coming months as more foreclosures are processed, Sharga said.

Default notices increased from July by 55 percent in California, 46 percent in Indiana and 42 percent in New Jersey, according to RealtyTrac. Nine of 10 metropolitan areas with the highest rate of filings per household also had double-digit increases.

Nevada had the highest foreclosure rate, with one in 118 households receiving a filing, followed by California at one in 226 and Arizona at one in 248. Georgia, Idaho, Michigan, Florida, Illinois, Colorado and Utah rounded out the top 10.

In Las Vegas, where default notices jumped 30 percent from July, one in every 103 households received a foreclosure filing. That was more than five times the national average.

California led in total filings with 59,383 and Florida was second at 23,569. Michigan ranked third at 13,016, Illinois was fourth at 12,493 and Georgia was fifth at 11,743. The five states accounted for 53 percent of all foreclosure filings in the country, according to RealtyTrac, which sells default data from more than 2,200 counties representing 90 percent of the U.S. population.

Indiana was 16th in foreclosure filings in August, with 3,164.

 


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  1. City-County Councilor Angela Mansfield and Bob Lutz have a case of wishful thinking.

    They obviously don't really care about the cost.

    They should.

    Extending Federal Benefits to Same-Sex Couples Will Cost $898M, CBO Says

    http://www.foxnews.com/politics/2009/12/22/extending-federal-benefits-sex-couples-cost-m-cbo-says/

  2. Brett, be careful what you lie about, the truth always comes out.

    "IMS's George Honored: Tony George, Indianapolis Motor Speedway president and chief executive officer, received the inaugural Pioneering and Innovation Award at the Autosport Awards Dec. 5 in London for his leadership in the development of the Steel and Foam Energy Reduction (SAFER) Barrier. George received the award at the annual gala at the Grosvenor House on behalf of the creators of the SAFER Barrier from Prince Salman Bin Hamad Al Khalifa, the leader of the Bahrain International Grand Prix circuit. This is the fourth major award that has been presented to honor George and the SAFER Barrier development team. The SAFER Barrier also received the Louis Schwitzer Award, SEMA Motorsports Engineering Award and GM Racing Pioneer Award in 2002. The SAFER Barrier was installed in all four turns of the Indianapolis Motor Speedway a pioneer in safety for drivers, cars and tracks -- in time for the 86th Indianapolis 500 in 2002. It since has been installed at more than a dozen other tracks, and the latest iteration will be installed at the Speedway in the spring.(IMS PR), see more on my Indy Track News page.(12-7-2004)"

    As far as the cart safety team, I cannot find anything on its date of creation. The Delphi Safety team was created in 1996. For some reason there is not much info out there on defunct racing series.

  3. Great article Anthony. Glad IMS is finally being run like a business and not a personal check book to finance the "Vision".

    Things are looking up but 15 years of scorched earth won't be fixed overnight. Unfortunately the TV ratings are still poor and that won't change anytime soon with the brilliant 10 year contract signed under the former regime.

  4. Brett not sure why you wonder what he said in his quote. "''I would like to jump in a time machine, go back to 1995, and tell the owners and Tony George not to split,'' Franchitti said. ''As soon as my time machine is done, I know where I'm going.''"

    Pretty clear, he would love to go back and tell TG and the team owners not to split.

    I am not sure there is anyone who wanted the split, and I don't think there is anyone who would not like to go back and prevent the split. But, as has been discussed ad nauseum, without the split carts management by team owners would have run all of ow racing into bankruptcy. If cart had such a wonderful product, then losing IMS would not have forced it into bankruptcy. If NASCAR lost Daytona or Charlotte, it would not fail like cart did.

    Truth,

    So you predicted that cart would go into bankruptcy and cease to exist while Indycar would continue on? I missed that prediction.

  5. I want to live in a city that has a garage structure to be proud of for it's innovating design!

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