Foreclosures Could Increase By 25% In 2012

Foreclosures were down in 2011 but RealtyTrac sees an increase of 25% in 2012.

 

Banks could possibly claim over 1 million U.S. properties this year following legal scrutiny of their foreclosure procedures slowed measures against past due homeowners in 2011, according to RealtyTrac .

Close to 1.89 million homes were served notices of default last year, a 34 percent decrease from 2010 and also the lowest number since 2007. One out of 69 U.S. homeowners received a foreclosure filing.

Even though the foreclosure method continues to be “highly dysfunctional,” there have been “strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets,” RealtyTrac Chief Executive Officer Brandon Moore said in the statement.

The amount of property foreclosures will probably increase close to 25 percent from the greater than 804,000 homes repossessed this past year as banks continue foreclosure measures. Negotiation discussions are ongoing with state attorneys general regarding documentation defects, referred to as “robosigning”, that appeared in October 2010.

Close to 400,000 more homes might have been foreclosed devoid of the slowdown. The rise in foreclosures that commenced in 2011’s second half may well carry on this year, Moore said in the statement.

Foreclosure filings equaled nearly 2.7 million last year as several homes received numerous notices, RealtyTrac said.

Nevada had the country’s greatest rate of foreclosure filings per household for the fifth straight year, at 1 in 16, although total filings were down 31 percent from 2010. An innovative state law that took effect in October calls for banks to file another affidavit prior to starting the foreclosure procedure.

Arizona had the 2nd highest foreclosure rate, with 1 in 24 homeowners getting a notice, and California placed third at 1 in 31. Georgia was fourth, with 1 in 37, and Utah fifth at 1 in 43, based on the RealtyTrac statement.

Las Vegas had the greatest rate amongst locations with populations more than 200,000, at 1 foreclosure filing per 14 households. Stockton, Modesto, Vallejo-Fairfield and Riverside-San Bernardino ranked second through fifth.

Phoenix, Merced, Reno, Bakersfield and Sacramento completed the top 10, said RealtyTrac, which offers default information from over 2,200 counties representing 90 % of the U.S. population.

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Category : Blog &Foreclosures &National Housing News

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