In our last post, we took a look at the need for the industry to…
Mid-February saw another press release pointing to rising foreclosure activity across the industry, something our own data is showing us. New data from ATTOM, a company that maintains a database of foreclosure data, is showing that foreclosure activity has now risen above what we were seeing just before the pandemic started.
According to ATTOM’s most recent data, there were a total of 23,204 U.S. properties with foreclosure filings—default notices, scheduled auctions or bank repossessions—up 29% from a month ago and 139% from a year ago.
This came as no surprise to the professional REO agents working with Exceleras. They’ve been seeing the number of properties hitting our system rising over the past few months and all indications point to this trend continuing.
Lenders repossessed 4,784 U.S. properties through completed foreclosures (REOs) in January 2022, up 57% from last month and 235% from last year – the 7th consecutive month with an annual increase in completed foreclosures, according to ATTOM’s data.
Lenders started the foreclosure process on 11,854 U.S. properties in January 2022, up 29 percent from last month and 126 percent from a year ago.
Those states that saw the greatest number of foreclosure starts in January 2022 included: Florida (1,238 foreclosure starts); California (1,226 foreclosure starts); Texas (1,003 foreclosure starts); Illinois (757 foreclosure starts); and Ohio (665 foreclosure starts).
In the press release, an executive pointed out the data should not be taken out of context, arguing that foreclosure completions are “still far below normal levels.”
But that’s going to change.
The REO is coming and agents on our system will be the ones who get to list it. But that’s not all.
As defaults rise, default services will get busier and asset managers will be engaged to help manage the real estate that comes back through foreclosure. Many of these professionals will be using DispoSolutions to process this work. By registering with Exceleras, REO agents will be prepared to work effectively and efficiently with these professionals through the same platform.
Our platform provides REO agents with:
- A single source of truth for your information, including document collection and storage
- User-defined alerts and indicators to help identify what matters most to your success
- Dashboard formatting and task lists to put the most important information in your field of vision
- Customizable fields and reporting capabilities
- The ability to quickly and easily assign tasks and ensure they are completed
These are the agents that servicers and asset managers want to work with. Now is the time to make sure your profile is complete and your subscription is current on our platform. Check your subscription status today or reach out to our helpdesk for support.