Home Seizures May Jump 25% This Year as U.S. Foreclosures Resume

Discussion in 'Media' started by hvactec, Jan 17, 2012.

  1. hvactec
    Offline

    hvactec VIP Member

    Joined:
    Jan 17, 2010
    Messages:
    1,315
    Thanks Received:
    106
    Trophy Points:
    83
    Location:
    New Jersey
    Ratings:
    +132
    Jan. 12 (Bloomberg) -- Banks may seize more than 1 million U.S. homes this year after legal scrutiny of their foreclosure practices slowed actions against delinquent property owners in 2011, RealtyTrac Inc. said.

    About 1.89 million properties received notices of default, auction or repossession last year, down 34 percent from 2010 and the lowest number since 2007, the Irvine, California-based data seller said today in a statement. One in 69 U.S. households received a filing.

    While the seizure process has been “highly dysfunctional,” there were “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 number of home repossessions is likely to rise about 25 percent from the more than 804,000 properties seized last year as lenders resume foreclosure actions, Daren Blomquist, a spokesman for RealtyTrac, said in a telephone interview. Settlement talks are continuing with state attorneys general over documentation flaws, known as “robo-signing,” that surfaced in October 2010.

    About 400,000 additional homes would have been repossessed without the slowdown, Blomquist said. The ramp-up in foreclosure proceedings that began in 2011’s second half is likely to continue this year, Moore said in the statement.

    Foreclosure filings totaled almost 2.7 million last year as some properties got multiple notices, RealtyTrac said.

    Highest in Nevada

    Nevada had the nation’s highest rate of foreclosure filings per household for the fifth straight year, at one in 16, while total filings were down 31 percent from 2010. A new state law that took effect in October requires lenders to file an additional affidavit before starting the foreclosure process.

    Arizona had the second highest foreclosure rate, with one in 24 households receiving a notice, and California ranked third at one in 31. Georgia was fourth, with one in 37, and Utah fifth at one in 43, according to RealtyTrac.

    Michigan, Florida, Illinois, Colorado and Idaho also ranked among the states with the 10 highest rates in 2011.

    read more Home Seizures May Jump 25% This Year as U.S. Foreclosures Resume - Businessweek
     
  2. waltky
    Offline

    waltky Wise ol' monkey Supporting Member

    Joined:
    Feb 6, 2011
    Messages:
    20,870
    Thanks Received:
    1,791
    Trophy Points:
    215
    Location:
    Okolona, KY
    Ratings:
    +3,884
    Housing market still swamped with foreclosures...
    :eusa_eh:
    Foreclosures made up one in four home sales
    March 1, 2012: Short sales are rising as banks start to shun foreclosures.
    See also:

    Bernanke: Economic recovery 'uneven'
    March 1, 2012: Federal Reserve Chairman Ben Bernanke gives his semi-annual report on the economy before Congress this week.
     
  3. Katzndogz
    Offline

    Katzndogz Diamond Member

    Joined:
    Sep 27, 2011
    Messages:
    65,659
    Thanks Received:
    7,418
    Trophy Points:
    1,830
    Ratings:
    +8,337
    To democrats it's a sign of improvement.
     
  4. waltky
    Offline

    waltky Wise ol' monkey Supporting Member

    Joined:
    Feb 6, 2011
    Messages:
    20,870
    Thanks Received:
    1,791
    Trophy Points:
    215
    Location:
    Okolona, KY
    Ratings:
    +3,884
    Obama gonna fix it...
    :cool:
    Obama to announce new housing plans
    Mar 06, 2012 - President Obama plans to kick off today's news conference with a pair of housing proposals designed to benefit veterans and homeowners seeking to refinance.
     
  5. waltky
    Offline

    waltky Wise ol' monkey Supporting Member

    Joined:
    Feb 6, 2011
    Messages:
    20,870
    Thanks Received:
    1,791
    Trophy Points:
    215
    Location:
    Okolona, KY
    Ratings:
    +3,884
    Another round of foreclosures comin'...
    :mad:
    Americans brace for next foreclosure wave
    4 Apr.`12 - Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end. House sales are picking up across most of the country, the plunge in prices is slowing and attempts by lenders to claim back properties from struggling borrowers dropped by more than a third in 2011, hitting a four-year low.

     
  6. waltky
    Offline

    waltky Wise ol' monkey Supporting Member

    Joined:
    Feb 6, 2011
    Messages:
    20,870
    Thanks Received:
    1,791
    Trophy Points:
    215
    Location:
    Okolona, KY
    Ratings:
    +3,884
    Housing market goin' into a double-dip?...
    :confused:
    US New Home Sales Fell in March
    April 24, 2012 - Sales of new homes in the U.S. fell last month, but still are edging higher than in the last months of 2011.
     
  7. uscitizen
    Offline

    uscitizen Senior Member

    Joined:
    May 6, 2007
    Messages:
    45,941
    Thanks Received:
    4,791
    Trophy Points:
    48
    Location:
    My Shack
    Ratings:
    +4,807
    They are not home seizures, it is just earthquakes.
     

Share This Page