Foreclosures Plunge to 3-year LowAccording to MSN, foreclosure filings decreased by 15% in the first quarter of 2011 compared to last year around the same time. According to Realty Trac, year after year, filings including notices of default and repossessions dropped 27% the first quarter. Realty Trac Vice President feels much of this dip is due to judicial-foreclosure states like Florida, Massachusetts, Connecticut, new York and New Jersey. Because in those places, banks and service providers are under scrutiny for improper review and handling of the foreclosure documents aka robo-signing. They’re now examining all the documents, even re-file complaints, backlogging courts.
All My Sons of West Palm Beach, serving, West Palm Beach, Boca Raton and Delray, learned that Florida’s foreclosures declined by 62% in the quarter from the same time last year and 47% in the fourth quarter of 2010. Realty Trac says that almost none of this situation is due to the lack of foreclosed properties.
By the end of the quarter in March of this year, foreclosures were up 7% compared to the month before. Banks are said to be “sitting” on foreclosures, just sending default notices for over 12 months because they’re not able to handle the foreclosure proceedings at this time.
MSN continues by saying that in New York and New Jersey, it’s taking over 800 days to execute a foreclosure, giving residents a lot of time to live mortgage-free.
Just recently, US regulators and 14 large mortgage servicers announced a settlement where servicers will hire more staff, improve their document- tracking sysems and implement one point of contact to borrowers. This settlement also brings dual-trac foreclosures to a halt, meaning lenders can’t proceed with a foreclosure at the same time that the borrowers is looking for a modification.
The government is also saying that they’re planning to impose monetary penalties for banks for improper handling of foreclosures.
In some of the nonjudicial-foreclosure states, foreclosure seem to be picking up. For example, Nevada continues to post the US’ highest foreclosure rate in this quarter, with one in every 35 housing units receiving a foreclosure filing. Bank repossessions in Arizona increased 26% between this past February and March. One in every 60 households received a filing during that quarter. Utah, Idaho, Georgia, Colorado and Illinois were among the states with high foreclosure rates.
If you’re faced to move out because of a foreclosure, don’t forget to call the West Palm Beach moving specialists for a simple and hassle-free move. Our West Palm Beach movers are experts in the moving industry and they’re backed by four generations of movers. All My Sons of West Palm Beach will quilt-pad wrap your belongings for a safe and easy move. For your moving quote, just visit the West Palm Beach website.