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EmailForeclosure boom in 2012?
Legal scrutiny of bank practices caused a slowdown in filings, which may ramp back up this year
February 14, 2012
Legal scrutiny of bank practices caused a slowdown in filings, which may ramp back up this year.
In 2012, banks may seize more than 1 million U.S. homes this year after legal scrutiny of their foreclosure practices slowed actions against delinquent property owners in 2011, said RealtyTrac Inc. and reported by Bloomberg.
About 1.89 million properties received notices of default, auction or repossession last year, down 34 percent from 2010 and the lowest number since 2007, the Irvine, Calif.-based data seller said in a statement. One in 69 U.S. households received a filing.
The number of home repossessions is likely to rise about 25 percent from the more than 804,000 properties seized last year as lenders resume foreclosure actions, Daren Blomquist, a spokesman for RealtyTrac, said in a telephone interview with Bloomberg.
About 400,000 additional homes would have been repossessed without the slowdown, Blomquist said.
Foreclosure filings totaled almost 2.7 million last year as some properties got multiple notices, RealtyTrac said.
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- PCA Forecast: Foreclosures will outweigh home sales growth in 2012
- Harvard Report: Excessive Risk Taking, Lapses in Regulation Led to the Nonprime Mortgage Lending Boom
- Western rental markets to boom
- Housing affordability returns to pre-housing boom levels
- Fannie Mae tests foreclosure-prevention plan in Florida
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