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Foreclosure Filings Up due to long dormant foreclosures. And for good reason; some judges held up foreclosures because of robo-signing allegations and need to feel clear as to obligations and due processes.
Foreclosure filings – according to RealtyTrac’s U.S. Foreclosure Market report released April 5, 2012: covering areas of default notices, foreclosure auction dates set, and bank repossessions – were reported on 572,928 properties during the 2012 first quarter. That is up in at least half of U.S. states. Report statistics show first quarter foreclosure activity increased from the previous quarter in 114 out of the nation’s 212 metropolitan areas with a population of 200,000 or more.
Foreclosure Filing Up As Reported by RealtyTrac
Filings are spiking in areas, as reported by money.cnn.com, where judges had held up foreclosures because of robo-signing allegations, according to a report on 212 metro areas released Thursday by RealtyTrac, which markets foreclosed properties. Data reports show more than 7,500 foreclosure filings in Minnesota in the first three months of 2012. Realtytrac's Daren Blomquist said that although the number of filings fell slightly from the same time last year, initial foreclosure notices were up by 11 percent. The month of February foreclosure filings were up 1% over January.
Are Foreclosure Average Sales Price Up?
March saw an overall 7.21% increase in the average foreclosed home sales price of $161.038 over the previous month of February.
What Is The Caution In The Foreclosure Filings Figures?
"The caution there is that we are seeing an increase on the front end of the foreclosure process which is foreshadowing an increase in actually completed foreclosures going forward as well," Blomquist added.
What Is Causing The Increase In Foreclosure Filings?
Brandon Moore, chief executive officer of RealtyTrac, believes it is an early sign that long-dormant foreclosures are coming out of hibernation in many local markets. With the looming National Mortgage Settlement, many lenders took a cautious approach that slowed the pace of foreclosures. Having settled questions about procedures and foreclosure documentation, banks are now free to move forward and process the backlog of foreclosures.
Why Can Foreclosure Filings Become So Intense?
Reiter and Schiller Attorney Becky Schiller has experienced it first hand and she known why. Schiller represented the Federal Home Loan Mortgage Corp., known as Freddie Mac, in a foreclosure case involving a North Minneapolis home-owner. Unfortunately the protest ended with an injured employees and criminal charges filed against the alleged perpetrator. As reported on foreclosurelaw.com Anthony Newby, 37, of Minneapolis was charged April 10 in Ramsey County District Court with fifth-degree assault and trespassing. Losing ones home of familiar surroundings, loss of equity, and possible shame can put some individuals over the edge. Be sure to seek help and support as early as possible.
Do I Need A Foreclosure Attorney?
Homeowners facing foreclosure gain clarity about the process by hiring an attorney if they are unsure of it. Foreclosure practice has become one of the strongest and most profitable practice areas in the housing market during recent years. The struggling U.S. economy has increased the need for attorneys who specialize in mortgage practices, foreclosures, and protecting creditor’s rights in bankruptcy. The Minneapolis housing market has witnessed a surge of demand for debtors’ counsel to defend millions of homeowners and businesses facing foreclosures, modifications, defaults, and workouts. Coinciding, banks and other home lending creditors have retained a record number of foreclosure attorneys to foreclose on homes, repossess property, and obtain favorable verdicts in both residential and commercial settings.
Download the National Association of Realtors Pending Home Sales pdf.
|Metro Area||Foreclosure Filings|
|Chicago||Foreclosure filings in the Chicago metropolitan area jumped 18.5 percent in March from a year earlier and edged up 1.8 percent from February|
|Miami||one in 95 housing units|
|Orlando||one in 101 housing units|
|Pittsburgh||up 49 percent|
|Phoenix||1 in every 87 housing units - more than 2x the national average|
|Riverside-San Bernardino||(Southern California) registered the highest foreclosure rate among the nation’s 50 largest metropolitan areas: one in every 62 housing units with a foreclosure filing during the quarter|
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