Foreclosure Notices Likely to Rattle the windows This Spring

View PDF | Print View
by: ganandarobusto
Total views: 3
Word Count: 342
Date: Sun, 6 Mar 2011 Time: 7:00 PM
0 comments

All of us have noticed many headlines lately revealing that foreclosures and foreclosure sales have decreased during the last few months. Having said that, though the headlines are technically correct, they don't represent what is actually occurring.

Foreclosure statistics are increasingly being impacted by the difficulties surrounding the challenges with faulty paperwork which the banks have spent the last several months working to correct.

James J. Saccacio, CEO of RealtyTrac tackled this concern within an up to date news release:

"We've now seen three straight months with fewer than 300,thousand properties attaining real estate foreclosure filings, following 20 straight months where the total exceeded 300,000. Unfortunately this is less a sign of a strong housing recovery and more an illustration that lenders are becoming bogged down in analyzing procedures, resubmitting paperwork and formulating legal arguments related to accusations of unacceptable home foreclosure processing. "

While these issues are now being attended to, the amount of foreclosures are still continuing to mount. Mike Fratantoni, VP for single family study at the Mortgage loan Bankers' Association said:

"While the foreclosure starts rate decreased during the fourth quarter, the percentage of financial loans in foreclosure rose to equal the all-time high. As we forecasted last quarter, the percentage of loans in the foreclosure process increased in the fourth quarter, largely due to the foreclosure paperwork issues that were being addressed in September and October. These problems caused a short lived halt in foreclosure sales, particularly in states with judicial foreclosure regimes. With fewer loans exiting the foreclosure process through sales, the foreclosure inventory rate logically increased. "

When will this inventory make its way to the market?

That's the billion dollar question. We have witnessed new difficulties produced by the courts and there have already been a number of rather interesting answers to these new problems. Still, many experts believe it will occur sooner rather than later. Rick Sharga, a RealtyTrac spokesman said:

"We anticipate a spike within the first quarter. "

About the Author

To assist you in your home selling or buying process, visit my web site @ www.GanandaTopRealtor.com for Seller and Buyer FREE REPORTS that gives you a plenty of facts dealing with selling your home with Nothnagle Realtors and also the home finding and purchasing practice In Gananda, located in Walworth NY 14568
Communities Served:
Monroe, Wayne, and Ontario Counties
Area served: Gananda, Ontario, Walworth, Macedon, Williamson, Marion, Palmyra, Sodus Point, Sodus, Penfield, Webster, and surrounding areas