Repeat Foreclosures Triple Since Crisis
As delinquencies rise to worrisome levels in the now $1 trillion market for auto loans and as the two biggest players in the consumer loan space prepare to merge into a multi-billion dollar ABS machine, January data on foreclosures suggests there may be trouble in the real estate world as well.
According to Black Knight Financial, both new and repeat foreclosures hit a 12-month high during the first month of the year with repeats (i.e. the borrower was rescued but has since entered the foreclosure process again) jumping 11% M/M. More troubling is the trend in repeat foreclosures which accounted for only 15% of total foreclosures during the crisis but now make up a startling 51%.
Trouble in HAMP-land anyone?