twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/


Falling Foreclosures Fail to Stop Dire Warning

198,853 U.S. properties hit with filing during March

April 12, 2012

By MortgageDaily.com staff


Foreclosure filings fell to the lowest levels in years. Still, the chief of the company that reports the numbers is providing a dire warning about an explosion of upcoming foreclosures and the impact on the real estate market. The time it takes to complete a foreclosure lengthened and is nearing three years in New York.

Mortgage borrowers on 198,853 U.S. properties were hit with some sort of foreclosure filing during March.

Foreclosures fell from February, when 206,900 properties faced a filing.

Last month's activity was also an improvement from March 2011, when around 239,783 foreclosures were filed based on previously reported data from RealtyTrac. In fact it was the best month since July 2007, when 179,599 filings were made.

The statistics reportedly reflect documents filed for all three phases of foreclosure -- default, auction and real state owned -- in more than 2,200 counties that account for more than 90 percent of the U.S. population.

During the first three months of 2012, foreclosures were filed on 572,928 properties. First-quarter activity was the lowest since the fourth-quarter 2007, when 642,150 filings were made on 527,740 properties.

But the improved data is deceiving.

"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," RealtyTrac Chief Executive Officer Brandon Moore warned in the report. "There are hairline cracks in the dam, evident in the sizable foreclosure activity increases in judicial foreclosure states over the past several months, along with an increase in foreclosure starts in many judicial and non-judicial states in March.

"The dam may not burst in the next 30 to 45 days, but it will eventually burst, and everyone downstream should be prepared for that to happen -- both in terms of new foreclosure activity and new short-sale activity."

Foreclosure filings were made on 45,122 California properties last month, the most of any state. Golden State filings improved from February's 51,584.

At 26,758, Florida foreclosures were the second-worst and more than the 26,337 state foreclosures during February.

No. 3 was 13,820 in Illinois, then 11,322 in Georgia and 9,497 in Arizona.

Only 12 Washington, D.C., properties faced a filing, fewer than any state.


The U.S. foreclosure rate was one filing for each 662 housing units during March. That was a little better than the one-in-637 rate a month earlier.

Year-to-date March 31, one foreclosure filing has been made on each 230 U.S. housing units.

Last month's rate was worst in Arizona at one-in-300. Arizona moved up from the No. 2 position in February, when its rate was slightly better at one-in-312.

March's second-worst state, Nevada, improved to a one-in-301 rate from February's one-in-278 rate and landed in the No. 2 position last month.

California was third with a one-in-303 rate during March, then one-in-336 in Florida and Georgia's one-in-361 rate.

Washington, D.C.'s, one filing for each 24,727 housing units was the best rate in the nation.

Mortgage servicers completed fewer foreclosures in March: 55,075. The number of real-estate-owned filings in February was 63,834, while the March 2011 total was 72,270.

During the first three months of this year, REO filings totaled 180,074 on a national basis.

Completed foreclosures fell to 7,471 in Florida from February's 9,023, though that was still more than any other state during March.

California repossessions declined to 6,571 last month from 8,544, leaving it ranked No. 2 in REOs.

After that was 4,387 completed foreclosures in Georgia, 4,151 in Michigan and 3,576 in Arizona.

REO filings numbered 12 in the District of Columbia, fewer than any state.

It took 370 days to process the average U.S. foreclosure during the first quarter, lengthening from the prior quarter's 348 days and the longest timeline since the first-quarter 2007.

California cut its turnaround to 320 days from the fourth-quarter 2011's 352 days. It was the 12th consecutive quarterly improvement for the state.

New York's 1,056-day timeline was the longest in the country, followed by New Jersey's 966 days and Florida's 861 days.


next story

back to current headlines


Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.


Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders