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What Foreclosure Activity Means for the Economy

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  • Description

    FBN's Ashley Webster on the rise in first-time foreclosures.

  • Duration 3:01
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Afternoon box this is we also have this for you and it's a fox biz alert that you have definitely been falling and you -- -- here at best foreclosure activity.

And the first quarter.

At the lowest rate since 2007.

But don't get to -- Cited it is not all good news first time notices were for closures of 7% in March compared with February numbers.

What does this mean for the recovery Ashley Webster aunts that -- -- right now well.

You know -- confusing because the notices -- but that is good news as we go to get through all this inventory the reason is because banks becoming.

So much more aggressive in taking actions against homeowners.

Who are simply not paying their mortgage now according to realty track much was the third month in a row to see the foreclosure filing rate actually rise -- many of these of we know these homes have been court in legal limbo is in some cases for years Cheryl.

As you know -- what happened back in February is the big mortgage lenders have that 25 billion dollars settlement.

With with the states which basically meant that.

Okay we can move forward it was the robo signing controversy -- remember -- that was done has released a flock of homes it would be in the pipeline by some estimates.

Up to as many as eight million homes could flood the market -- that many next five years that's on the topside some people say they because of the two million.

What ever you gonna see a wave of foreclosed homes come through the system it has to happen in order for the housing industry as a whole -- a couple of.

I type what I mean if you look at what is happening in some of the hardest hit states across the -- -- whether -- parts of California Arizona Florida.

Ohio even Michigan EM -- you're seeing all the sudden all this activity.

You know kinda kicked up sure.

Pastor or six investors you know on the coming in -- buying an actual you know.

Large numbers of homes in one bundle but we'll get to that inimitable -- as the foreclosure activity -- in the most across the country.

Those states ironically the don't have to bring the courts in Hope, Arkansas down 79% Nevada down 62% Arizona down 21%.

But those political Sami -- -- different story was saying the foreclosure filings rising -- Indiana Connecticut and Florida because.

Finally they getting into the court system he's opposed to being stuck -- buying books for many years some people of just walked away from them.

And this is very important -- of the neighborhood of subdivision where there are a couple of foreclosed homes in this and according -- it's just gonna.

It's not good for -- values even if an investor comes in they can at least put put renters in there.

And that's it was -- -- have someone in that rather have a house it's just kind of falling apart in the neighbor.

What's gonna be also -- -- and Jamie Dimon is actually is a break at.

With strong comments about this now is there's still a lot of investor losses being levied against now it's it's JPMorgan -- that's right Bank of America so.

The onslaught of the banks continues meanwhile you've got cash investors walking and yeah thank.

Forget all of you we're gonna snatch up these deals -- sit on them it's.

North of the border Canadians coming down those smoke doesn't like to live in Arizona for six now obviously -- -- we just by a bunch of -- -- so cheap down.

Nice place to -- -- -- your Canadian all right Kathleen thank you very much British you know.

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