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Entries in Foreclosure Filings (13)

Thursday
Jan172013

Foreclosure Activity Dropped by 3% in 2012, But Rose in 25 States

iStockPhoto/Thinkstock(NEW YORK) -- A total of 1,836,634 U.S. properties received a foreclosure filing last year, according to the latest report from RealtyTrac, marking a 3 percent drop from 2011.

The latest figure is also down 36 percent from 2010, when foreclosure filings peaked.

But while the picture looked positive nationwide, the foreclosure tracking firm found that that wasn't the case for some states.

"We saw 25 states nationwide, actually, had increase in foreclosure activity from 2011 to 2012, counter to the national trend -- and some of those increases were pretty significant," said RealtyTrac Vice President Daren Blomquist.

Foreclosure activity rose 55 percent in New Jersey last year; 53 percent in Florida; 48 percent in Connecticut; 46 percent in Indiana; 33 percent in Illinois; and 31 percent in New York.

"Those states tend to be the states with the longer foreclosure process," explained Blomquist.

Another negative finding from RealtyTrac's report: 26 percent of all homes with a mortgage are seriously under water.

"There are still 10.9 million homeowners nationwide who owe more on their property than what it's worth -- and that's just gonna take time as home prices gradually increase, for those homeowners to get out from that negative equity position," Blomquist said.

But there has been some improvement, as Blomquist pointed out.

"That number of negative equity homeowners is down 1.6 million from a year ago -- so, a year ago, it was at 12.5 million -- and so, we're making progress on that front, too, but it's not gonna be overnight that we get out of the problems created by the housing bubble," he said.

Copyright 2013 ABC News Radio

Thursday
Aug092012

US Foreclosure Filings Down 3% in July

iStockPhoto/Thinkstock(NEW YORK) -- The number of U.S. households that received a foreclosure notice dropped in July and was down from a year ago, according to the latest report from RealtyTrac.

The foreclosure tracking firm said on Thursday that 191,925 properties were hit with foreclosure filings last month, marking a 3 percent drop from June and a 10 percent decrease from July 2011.

While initial foreclosure activity was up on an annual basis for the third straight month in July, RealtyTrac Vice President Daren Blomquist says the overall trend has been positive.

"For the past 22 months there has been a decrease in foreclosure activity nationwide," he says.

The exceptions are Arizona, California and Florida, which, Blomquist notes, are still reporting higher than normal foreclosures.  Yet, he says the future for the housing market looks brighter.

"We're headed in the right direction.  We are past the worst of this foreclosure crisis and on the downslope so that's good news," Blomquist says.

Copyright 2012 ABC News Radio

Thursday
May172012

Foreclosure Filings Down to Lowest Level Since 2007

iStockPhoto/Thinkstock(NEW YORK) -- Is the foreclosure crisis in the U.S. nearing its end?  New numbers out Thursday by RealtyTrac show that foreclosure activity is down to a near five-year low across the country.

"In April 2012, there were less than 189,000 properties with foreclosure filings during the month.  That was a 57-month low.  That's the lowest level we've seen since July 2007," says Daren Blomquist with RealtyTrac.

Blomquist credits the decrease partly to banks being more willing to work with struggling homeowners.

"More properties that would have become foreclosures otherwise are actually becoming short sales.  The lenders are becoming much more aggressive in agreeing to short sales," he explains.

This has likely helped lead to a drop in the number of filings in the West.  Foreclosure activity is down in Arizona, California and Nevada -- states that were hard hit by the foreclosure crisis -- according to RealtyTrac.

But, Blomquist cautions homeowners are not out of the woods yet.

"It's not that foreclosures have completely gone away by any means, but at least they're heading in the right direction and finally have kind of gotten through this very big batch of bad loans that triggered the foreclosure crisis in the first place," he says.

And while the outlook has improved on the West coast, the picture is grimmer towards the East.  Filings are up year over year in Florida, Indiana, Michigan, New Jersey and Pennsylvania, RealtyTrac reports.

Copyright 2012 ABC News Radio

Thursday
Apr262012

Foreclosure Activity Rose in Major US Cities During First Quarter

iStockPhoto/Thinkstock(IRVINE, Calif.) -- Foreclosure activity rose during the first quarter of this year in more than half of the nation's largest metropolitan areas, RealtyTrac reported on Thursday.

"Some of those included Pittsburgh, which was up 49 percent from the previous quarter," RealtyTrac Vice President Daren Blomquist elaborated.  "Indianapolis was up 37 percent.  Philadelphia up 30 percent, even New York City, which in the past, has largely escaped the foreclosure crisis of the past five years, was up 24 percent from the previous quarter."

The increases were due to delayed foreclosures that took a long time to process, the foreclosure tracking firm said.  And the situation may get worse before it improves.

"There's going to be some more bumps in the road because of these delayed foreclosures.  As those come on to the market, at least in those markets where it's happening, it's going to continue to weigh down home prices," Blomquist explained.

But it's not all bad news for the housing market.

"Overall, nationally, foreclosure activity was down in the first quarter to the lowest levels since the fourth quarter of 2007," Blomquist said.

As more foreclosures hit the market, prospective homeowners will be at an advantage.

"The good news for buyers this year, is it's still going to be a buyer's market.  There's going to be more foreclosures coming on, coming on the market, which means there's going to be opportunities for these buyers to get a good deal," he said.

Sellers will also see benefits down the line.

"The good news for sellers is that the quicker these markets can absorb the foreclosure inventory, those sellers then will be in a position where they don't have to compete as much with foreclosures if they go to sell their home," Blomquist added.

Copyright 2012 ABC News Radio

Thursday
Apr122012

Foreclosure Filings Hit Five-Year Low

iStockPhoto/Thinkstock(IRVINE, Calif.) -- Foreclosure filings have dropped to their lowest level in nearly five years, according to the latest report from RealtyTrac.

The foreclosure tracking firm says for the first quarter of 2012, the number of U.S. households that received a foreclosure notice fell to 572,928 -- a 2 percent decline from the previous quarter and a 16 percent drop from the same time period last year. 

The figure is the lowest since the fourth quarter of 2007, when 527,740 properties were hit with foreclosure filings.

"What's driving those lower numbers is decreases in activity in some of the hardest-hit states.  California, Arizona and Nevada are the main ones that are driving that trend," RealtyTrac's Daren Blomquist explains.

Last month alone, RealtyTrac says 198,853 homes received a foreclosure notice -- the lowest monthly total since July 2007.  That figure was also down 4 percent from February and down 17 percent from March 2011.

So is the foreclosure crisis in the U.S. over?

"No, we're definitely not out of the woods," responds Blomquist.  "It's not over, but I do think there's a light at the end of the tunnel.  I mean we're past the peak in this foreclosure cycle.  The worst of this was 2009 and 2010."

Copyright 2012 ABC News Radio

Thursday
Feb162012

Foreclosure Filings Jump 3% in January

iStockPhoto/Thinkstock(IRVINE, Calif.) -- The number of U.S. households that received a foreclosure notice rose in January but was down from a year ago, according to the latest report from RealtyTrac.

The foreclosure tracking firm said Thursday that 210,941 properties were hit with foreclosure filings last month, up 3 percent from December.

Despite the increase, foreclosure activity was still down 19 percent from January 2011.  RealtyTrac Vice President Daren Blomquist says that downward trend is likely to continue nationally, citing the recent rise on delayed proceedings.

"We are definitely seeing increases in foreclosure activity in some of the states and we believe that's the result of, of lenders finally beginning to push through some of the backlog of foreclosures that have built up over the last year and a half," he says.

"Taking care of this backlog of distressed properties and foreclosures is something that's necessary to really see home prices start trending back higher; as long as we have that shadow inventory of distressed properties hanging over the market, we're not gonna see home prices start trending back upward for the long term," he adds.

Copyright 2012 ABC News Radio

Thursday
Nov102011

Foreclosure Filings Rise by 7% in October

iStockPhoto/Thinkstock(IRVINE, Calif.) -- The number of U.S. households that received a foreclosure notice rose again in October, hitting a seven month high, according to the latest report from RealtyTrac.

The foreclosure tracking firm said Thursday that 230,678 properties were hit with foreclosure filings last month, up seven percent from September.  The number of intial default notices also went up in October, jumping up 10 percent from the previous month.

The spike is largely due to the hold up in foreclosure proceedings that emerged last year, stemming from faulty paperwork and poor documentation.

"We've been in this kind of artificial lull in foreclosure activity over the last year honestly, but it's not because the market is improving, it's because the lenders haven't been able to process foreclosures as quickly," said RealtyTrac spokesman Daren Blomquist.  "We saw a lot of indications in the report that lenders are beginning to ramp up on foreclosure proceedings after being in a kind of extended period of delay."

Despite last month's increase, foreclosure activity is still down 31 percent from the same time period in 2010.

Copyright 2011 ABC News Radio

Thursday
Oct132011

Foreclosure Filings Rise Slightly in Third Quarter; Default Notices Up 14%

ABC News(IRVINE, Calif.) -- The number of American households receiving a foreclosure notice inched up slightly in this year's third quarter, following three straight months of decreases.

RealtyTrac reported Thursday that 610,337 U.S. properties were hit with a foreclosure filing during the summer quarter, marking a 1 percent increase from the previous quarter.  The latest figure is down 34 percent from the same time period in 2010.

RealtyTrac CEO James Saccacio said the third quarter jump was fueled by a 14 percent increase in new default notices.

"We're going to start to see more foreclosures coming through the pipeline now that the paperwork and processing from the robo signing is getting cleared up," he said.

Saccacio is referring to the hold up in foreclosure proceedings that emerged last year, stemming from faulty paperwork and poor documentation.

Copyright 2011 ABC News Radio

Thursday
Sep152011

Foreclosure Filings Jump 7% in August, Default Notices Soar 33%

ABC News(IRVINE, Calif.) -- In what comes as more unwelcome news for the U.S. housing market, there appears to be a resurgence in the number of foreclosure filings.

According to the foreclosure tracking firm RealtyTrac, 228,098 households were hit with a foreclosure notice last month.  While the figure was down 33 percent from August of 2010, it did mark a 7 percent increase from July.

But what may be more alarming is the dramatic increase in the number of homeowners hit with an initial warning saying they're in default.

"The 33 percent increase [from July] in default notices was the biggest single monthly increase we've seen since August of 2007, 48 months ago," says Rick Sharga with RealtyTrac.

That increase could be a possible indication that banks are beginning to move forward with the long-delayed foreclosure clamp down after holding up foreclosure proceedings for months over faulty paperwork and poor documentation.

"There might be a break in the log jam that has been artificially slowing down foreclosure activity," says Sharga.

Copyright 2011 ABC News Radio

Thursday
Jul142011

Foreclosures Drop in First Half of 2011 Due to Paperwork Delays

ABC News(IRVINE, Calif.) -- The number of homes in the U.S. that received foreclosure filings in the first half of 2011 dropped 29 percent from the same time period last year, according to the latest mid-year report from RealtyTrac.

The foreclosure tracking firm adds that the 1,170,402 properties that received notices also marks a 25 decrease from the previous six months.

The latest figures, as RealtyTrac senior Vice President Rick Sharga explains, are not necessarily a good indication that the housing market is making a turn for the better.

"We don't really believe that the drop off in foreclosure activity is due to any particular improvement in the economy or the housing market, but rather the result of legislative paperwork and procedural delays that are plaguing the industry right now," Sharga says.

These delays could push back the housing market's recovery.

"There are over three million seriously-delinquent loans not yet in foreclosure," Sharga says. "At the current rate of foreclosure activity, it will take between three and four years just to get those homes into the foreclosure process."

He adds, "In a best-case scenario, we were expecting that the housing market might be able to recover by maybe 2014.  The delays in foreclosure proceedings an subsequent damage that's going due to the market could push that recovery out to 2015 or even early 2016."

Copyright 2011 ABC News Radio