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Thursday November 13, 2014

// November 13th, 2014 // Daily News

Foreclosures spike as banks ramp up repossessions

More than five years after the foreclosure crisis began, the number of borrowers losing their homes is rising again.
Most of the troubled loans are not new; instead, the backlog of homes in the foreclosure process is finally starting to move more quickly. There was, however, a slight uptick in foreclosures on loans made in 2013 and 2014, a troubling turn.
Foreclosure filings, which include default notices, scheduled auctions and bank repossessions, were reported on 123,109 properties in October, according to RealtyTrac, a foreclosure sales and data company. That is a 15 percent increase from September, and the largest monthly increase since the peak of the crisis in March of 2010. The numbers are still down 8 percent from a year ago.
Foreclosure activity usually spikes in the months before the holiday season, as banks want to get as many done before implementing holiday moratoria. Over the past three years there has been an average 8 percent monthly uptick in foreclosure auctions in October.
“But the sheer magnitude of the increase this year demonstrates there is more than just a seasonal pattern at work,” said RealtyTrac vice president Daren Blomquist. “Distressed properties that have been in a holding pattern for years are finally being cleared for landing at the foreclosure auction.”
Since the crisis began, there has been a distinct difference in foreclosure volumes between states that require a judge in the process and those that do not. Now the difference is fading. Foreclosure auctions in judicial states rose 21 percent month-to-month, while those in non-judicial states rose 27 percent.
“There is still strong demand from the large institutional investors at the foreclosure auction in some markets, but even in markets with decreasing demand at the foreclosure auction, banks can be confident in selling REO [repossessed] properties quickly and at a good price,” Blomquist added. “That’s because there is still strong demand from buyers, particularly in the lower price ranges, combined with a dearth of distressed homes listed for sale.”

Today’s Inspiration

Love Frees us to Forgive

by Joyce Meyer – posted November 13, 2014

Above all things have intense and unfailing love for one another, for love covers a multitude of sins [forgives and disregards the offenses of others].
—1 Peter 4:8

The apostle Peter said love covers a multitude of sins. Love doesn’t just cover one mistake; it covers a multitude. God’s love for us not only covered our sins, it actually paid the price to completely remove them. Love is a powerful cleansing agent. I want you to notice that Peter said we should love “above all things.”

When Peter asked Jesus how many times he would be expected to forgive a brother for the same offense, Jesus told him to keep on doing it as many times as it took (see Matt. 18:21–22). Peter suggested seven times, and I have often wondered if he was already at six and thought he had only one more effort in him.

We must understand that a lot of forgiveness is required of us. In fact, it will probably be part of our daily experience. Some of the things we need to forgive may be minor and fairly easy, but occasionally that big thing comes along and we start wondering if we can ever get over it. Just remember, God never tells us to do anything unless He gives us the ability to do it. We can forgive anyone for anything if we let God’s love flow through us.

The Bible tells the story of a man named Joseph, who was sold into slavery by his brothers. When Joseph’s brothers discovered years later that he was alive and in charge of the food supply they desperately relied on, they were afraid. They remembered how badly they had treated Joseph, and so did he, but he chose not to reveal it to anyone else. He spoke with them privately and simply told them he was not God—and vengeance belonged to God, not to him. He freely forgave them, urged them not to be afraid, and proceeded to provide for them and their families. No wonder Joseph was a powerful leader who found favor everywhere he went. He knew the power of love and the importance of total forgiveness!

Trust in Him The Bible tells us to love, and in order to do so we must forgive a multitude of sins. Trust God to give you the ability to forgive all things, and thank Him for forgiving you.