The notice of defaults recorded this week are at the third highest (at 139) level since I started tracking them back in the first part of June. I assumed that it would be high just because of the passed trends. Its seems like we get them in spurts, and then they go way down. The Notice of Sales reported this week (108) is at the highest level since June 28th. I am guessing from what I have seen so far is that we will have a continued upward trend in the Notice of sales, compared to the last three months. Some of the banks are starting to process some of the pent-up inventory that has been sitting there for the past year. I was reading the WSJ, and some of the numbers of the current loans that are in default that haven't been processed yet for the foreclosure proceedings were at very high levels. I said this in an earlier post that there was 1.2 million of those loans that haven't even started in the distressed pipeline, because of the banks are waiting to see if they can qualify them for Loan Mods, or other bank "workout programs" that are available. Soon as they become disqualified they move them into the foreclosure process. To qualify for some of those programs, you need to fit a certain criteria, and the banks are coming to realize that most of the people can't even make the first cut.
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