U.S. Foreclosure jump 28 percent in January

Discussion in 'Economy' started by hvactec, Mar 9, 2012.

  1. hvactec
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    hvactec VIP Member

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    (Reuters) - Starts on U.S. home foreclosures shot up 28 percent in January, data provider Lender Processing Services (LPS.N) said on Tuesday in a report that suggested paper backlogs that had clogged the system were rapidly clearing.

    U.S. lenders had cut back on foreclosure after accusations of faulty foreclosure practices had surfaced in late 2010.

    Last month, five big U.S. banks reached a $25 billion settlement with the federal government to end a national investigation into claims of flaws in their foreclosure process, including allegations of so-called "robo-signing" of documents.

    "One-month anomalies do occur, but make no mistake about it, this is a larger move than we've seen since the late 2010 period when the process reviews and moratoria really took hold," said Herb Blecher, senior vice president at LPS Applied Analytics, a unit of the Jacksonville, Florida-based company.

    The LPS database represents about 70 percent of the nearly 50 million active mortgages serviced by the nation's largest lenders.

    LPS also said foreclosure sales, which it defined as a bank repossession of a home from the borrower or in some cases the completion of a short sale, surged 29 percent in January from the previous month.

    READ MORE Foreclosure starts jump 28 percent in January : LPS | Reuters
     
  2. waltky
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    waltky Wise ol' monkey Supporting Member

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    Backlog of foreclosures soon to hit local real estate markets...
    :mad:
    Foreclosure Sales Soar
    March. 6, 2012 - Foreclosure sales spiked in the first month of 2012, up approximately percent respectively. Sales in non-judicial states outpaced judicial by over three to one, exacerbating the backlog of foreclosures soon to reach local real estate markets in states where court orders are required to foreclose on homes.
     
  3. william the wie
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    william the wie Gold Member

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    Foreclosures are followed by about a year by tax sales so housing prices are going to start really dropping.
     
  4. anonxia
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    anonxia Rookie

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    Um..interesting... guess it's near bottom

    EDIT: Commercial solicitation is a no no.
     

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