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Foreclosure Cleanup Businesses Needed re: Foreclosures On the Rise

Below is a current article from DS News Magazine that gives us a glimpse at what's going on in the real estate industry. The foreclosure crisis is still in its infancy; real estate contractors and foreclosure cleanup companies will be needed more than ever in the near future.

A Peek at the Foreclosure Crisis

More Delinquent Loans Entering Foreclosure Process: LPS

Lender Processing Services (LPS) is offering a sneak peak at its upcoming mortgage market report, scheduled for release September 24.

The company's study will show that the national home loan delinquency rate has retreated, while the foreclosure rate is on the rise. LPS says the numbers are a sign that more delinquent loans are entering the foreclosure process, as servicers pick up the pace working through their default backlogs.

LPS' analysis is based on mortgage performance statistics at August month-end, derived from the company's loan-level database of nearly 40 million home loans.

The report will show the U.S. mortgage delinquency rate (loans 30 or more days past due, but not yet in foreclosure) at 9.22 percent. That's a month-over-month decline of 1 percent, and a year-over-year drop of 5.1 percent.

Total U.S. pre-sale foreclosure inventory rate will be reported at 3.80 percent -- a jump of 1.5 percent compared to the previous month, and 4.9 percent higher than a year earlier.

LPS says the mortgages on 4,947,000 properties were at least 30 days past due, but not in foreclosure, at the end of August. Of those, 2,374,000 were 90 or more days delinquent but had not yet been classified as being in foreclosure.

The country's total inventory of pre-sale foreclosures stood at 2,038,000 in August, according to LPS. (Totals are extrapolated based on LPS Applied Analytics' loan-level database of mortgage assets.)

The states with the highest percentage of non-current loans (combining foreclosures and delinquencies) in LPS' upcoming report include: Florida, Nevada, Mississippi, Georgia, and Illinois.

States with the lowest percentage of non-current home loans are: Montana, Wyoming, Arkansas, South Dakota, and North Dakota.

Good luck with your foreclosure cleanup business / property preservation business.

NOTE: Throughout the internet and in real estate industry literature/publications, you may see the terms mortgage field services, property preservation business, foreclosure cleanup, foreclosure cleaning, foreclosure clean-outs, foreclosure clean, clean foreclosures, cleaning foreclosures, REO trashout, REO trashouts, field asset services, property field services, field service, and field services used interchangeable. The main thing to remember is foreclosure cleaning and foreclosure cleanup generally refer to smaller entities; while property preservation generally refers to larger entities/businesses.

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Article by Cassandra Black, Author of How to Start a Foreclosure Cleanup Business and several foreclosure cleanup industry Guides, Reports and Forms. Sign up as a Premium Newsletter Subscriber. You will periodically receive foreclosure clean-up job leads and consultative advice to help you grow your foreclosure cleanup business!

For more industry information, visit the foreclosure cleanup blog and the foreclosure cleaning newsletter archive.

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