Increase in Foreclosure Filings Up by 7% in March

RealtyTrac, the largest real estate database firm, keeps records of all the housing transactions that take place in the housing market of the United States. According to this firm, the total number of fresh foreclosure filings in this country has increased by 7% this March, the third consecutive month showing an increase in foreclosures. This increase in the foreclosure numbers shows that the foreclosure crisis is not over for the country.

There were 572,928 foreclosure filings in the country during the first three months of 2012 which was 2% lower than the number seen in the previous three months but the number was 16% lower in comparison to the same period in 2011.

CEO of RealtyTrac, Brandon Moore stated, “The low foreclosure numbers in the first quarter are not an indication that the massive reservoir of distressed properties built up over the past few years has somehow miraculously evaporated.”

In this quarter, for every 230 homes in the country, there was one property which received some sort of foreclosure notice. The maximum slowdown in foreclosure processing was found in two non-judicial states Arkansas and Nevada, where foreclosure activities moved down by 79% and 62% respectively. In these two states, normal foreclosure processing is being disrupted due to a number of foreclosure cases which have been moved to the courthouse.

Attorney Lance Denha at the Law Offices stated, “These types of foreclosure actions simply required certain types of notifications be sent to the homeowner and publication according to state statutory law.”

This March, in one of his statements, he stated, “Homeowners should understand that they have the ability and opportunity to convert these types of non-judicial foreclosures into the judicial courts via filing wrongful foreclosure actions, temporary restraining orders, quiet title actions, etc. should they discover wrongdoing associated with their mortgage.”

In twenty-six states of the country where the foreclosure process passes through judicial review, the foreclosure rates have moved up during the first three months of 2012. Among these 26 states, Nevada reports the maximum rise in foreclosure numbers with a 153% increase followed by Utah with a 103% increase, New Jersey with 73% and Maryland with 53%.

In comparison to the rate of foreclosure filings during the first three months of 2011, this year the maximum increase was found in Indiana followed by Connecticut, Massachusetts and Florida. All these states reported an increase ranging from 23% to 45%.

Photo by Ddpavumba.

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