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Foreclosures: Calm Before the Storm?
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You're Now Reading:
Foreclosures: Calm Before the Storm?
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Foreclosures: Calm Before the Storm?
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March 19, 2012 (Chris Moore)

Foreclosure activity continued to fall nationwide in February but the foreclosure pipeline is hardly unclogged as a new wave of activity is expected to hit following the recent $25 billion mortgage settlement between the five largest banks and the state attorneys general.

Foreclosure filings fell two percent from January to February and were eight percent lower than a year ago according to RealtyTrac’s Foreclosure Market Report. A total of 206,900 properties in the U.S. received either a default notice, was scheduled for an auction or was repossessed in February.

February’s foreclosure activity follows a 19 percent decline in January but also saw 21 states and the District of Columbia post increases in foreclosure activity with that number expected to increase in the future.

Brandon Moore, CEO of RealtyTrac, stated, “February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed. The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures. That should result in more states posting annual increases in the coming months.”

Notice of Default (NoDs):

Default notices were one percent higher in February than in January and were seven percent lower than a year ago. A total of 58,886 default notices were filed for the first time in February.

Twelve states posted year-over-year increases of at least 20 percent. The five highest states were Hawaii (321% increase), Maryland (157% increase), Connecticut (64% increase), South Carolina (58% increase) and Indiana (37% increase).

The five states with the largest decline in NoDs were Nevada (89% decrease), Michigan (72% decrease), New York (44% decrease), Iowa (28% decrease) and Kentucky (25% decrease).

Auctions:

Scheduled auctions fell two percent from January and were 13 percent lower than in February of last year.

Thirteen states posted a year-over-year increase of at least 25 percent in February with the largest increases posted in Kentucky (190% increase), Illinois (170% increase), Iowa (98% increase), Pennsylvania (95% increase) and Indiana (92% increase).

Repossessions:

Lenders repossessed 63,834 properties in February, down 4 percent from January and down one percent from a year earlier.

Repossessions increased at least 20 percent in 17 states year-over-year with Massachusetts (114% increase), North Carolina (95% increase), Florida (90% increase), South Carolina (87% increase) and Georgia (76% increase) seeing the largest increases.

Half of the nations 20 largest metropolitan areas reported increases in foreclosure activity for the month. The five cities with the largest year-over-year increase in foreclosure activity were Tampa (64% increase), Miami (53% increase), Chicago (43% increase), Philadelphia (47% increase) and Baltimore (41% increase).

The five cities with the highest foreclosure rate in February were Riverside-San Bernardino in California (one in 166 housing units), Atlanta (one in 244), Phoenix (one in 259), Miami (one in 264) and Chicago (one in 302).

Tags: foreclosures, notice of default, foreclosure auctions, lender repossessions, mortgage settlement

Source:
RealtyTrac

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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
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Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
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March 19, 2012 (Chris Moore)

Foreclosure activity continued to fall nationwide in February but the foreclosure pipeline is hardly unclogged as a new wave of activity is expected to hit following the recent $25 billion mortgage settlement between the five largest banks and the state attorneys general.

Foreclosure filings fell two percent from January to February and were eight percent lower than a year ago according to RealtyTrac’s Foreclosure Market Report. A total of 206,900 properties in the U.S. received either a default notice, was scheduled for an auction or was repossessed in February.

February’s foreclosure activity follows a 19 percent decline in January but also saw 21 states and the District of Columbia post increases in foreclosure activity with that number expected to increase in the future.

Brandon Moore, CEO of RealtyTrac, stated, “February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed. The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures. That should result in more states posting annual increases in the coming months.”

Notice of Default (NoDs):

Default notices were one percent higher in February than in January and were seven percent lower than a year ago. A total of 58,886 default notices were filed for the first time in February.

Twelve states posted year-over-year increases of at least 20 percent. The five highest states were Hawaii (321% increase), Maryland (157% increase), Connecticut (64% increase), South Carolina (58% increase) and Indiana (37% increase).

The five states with the largest decline in NoDs were Nevada (89% decrease), Michigan (72% decrease), New York (44% decrease), Iowa (28% decrease) and Kentucky (25% decrease).

Auctions:

Scheduled auctions fell two percent from January and were 13 percent lower than in February of last year.

Thirteen states posted a year-over-year increase of at least 25 percent in February with the largest increases posted in Kentucky (190% increase), Illinois (170% increase), Iowa (98% increase), Pennsylvania (95% increase) and Indiana (92% increase).

Repossessions:

Lenders repossessed 63,834 properties in February, down 4 percent from January and down one percent from a year earlier.

Repossessions increased at least 20 percent in 17 states year-over-year with Massachusetts (114% increase), North Carolina (95% increase), Florida (90% increase), South Carolina (87% increase) and Georgia (76% increase) seeing the largest increases.

Half of the nations 20 largest metropolitan areas reported increases in foreclosure activity for the month. The five cities with the largest year-over-year increase in foreclosure activity were Tampa (64% increase), Miami (53% increase), Chicago (43% increase), Philadelphia (47% increase) and Baltimore (41% increase).

The five cities with the highest foreclosure rate in February were Riverside-San Bernardino in California (one in 166 housing units), Atlanta (one in 244), Phoenix (one in 259), Miami (one in 264) and Chicago (one in 302).

Tags: foreclosures, notice of default, foreclosure auctions, lender repossessions, mortgage settlement

Source:
RealtyTrac

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

March 19, 2012 (Chris Moore)

Foreclosure activity continued to fall nationwide in February but the foreclosure pipeline is hardly unclogged as a new wave of activity is expected to hit following the recent $25 billion mortgage settlement between the five largest banks and the state attorneys general.

Foreclosure filings fell two percent from January to February and were eight percent lower than a year ago according to RealtyTrac’s Foreclosure Market Report. A total of 206,900 properties in the U.S. received either a default notice, was scheduled for an auction or was repossessed in February.

February’s foreclosure activity follows a 19 percent decline in January but also saw 21 states and the District of Columbia post increases in foreclosure activity with that number expected to increase in the future.

Brandon Moore, CEO of RealtyTrac, stated, “February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed. The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures. That should result in more states posting annual increases in the coming months.”

Notice of Default (NoDs):

Default notices were one percent higher in February than in January and were seven percent lower than a year ago. A total of 58,886 default notices were filed for the first time in February.

Twelve states posted year-over-year increases of at least 20 percent. The five highest states were Hawaii (321% increase), Maryland (157% increase), Connecticut (64% increase), South Carolina (58% increase) and Indiana (37% increase).

The five states with the largest decline in NoDs were Nevada (89% decrease), Michigan (72% decrease), New York (44% decrease), Iowa (28% decrease) and Kentucky (25% decrease).

Auctions:

Scheduled auctions fell two percent from January and were 13 percent lower than in February of last year.

Thirteen states posted a year-over-year increase of at least 25 percent in February with the largest increases posted in Kentucky (190% increase), Illinois (170% increase), Iowa (98% increase), Pennsylvania (95% increase) and Indiana (92% increase).

Repossessions:

Lenders repossessed 63,834 properties in February, down 4 percent from January and down one percent from a year earlier.

Repossessions increased at least 20 percent in 17 states year-over-year with Massachusetts (114% increase), North Carolina (95% increase), Florida (90% increase), South Carolina (87% increase) and Georgia (76% increase) seeing the largest increases.

Half of the nations 20 largest metropolitan areas reported increases in foreclosure activity for the month. The five cities with the largest year-over-year increase in foreclosure activity were Tampa (64% increase), Miami (53% increase), Chicago (43% increase), Philadelphia (47% increase) and Baltimore (41% increase).

The five cities with the highest foreclosure rate in February were Riverside-San Bernardino in California (one in 166 housing units), Atlanta (one in 244), Phoenix (one in 259), Miami (one in 264) and Chicago (one in 302).

Tags: foreclosures, notice of default, foreclosure auctions, lender repossessions, mortgage settlement

Source:
RealtyTrac

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.