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Foreclosures Up For First Time In Two Years

From Reuters:

Foreclosures up for first time in 27 months

By Anna Louie Sussman | June 14, 2012

NEW YORK (Reuters) – Foreclosure starts rose year-over-year in May for the first time in more than two years as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

The $25 billion settlement between major banks and states, formally approved in April, had been expected to jump-start foreclosure proceedings that were previously stalled by uncertainty about the liability of banks.

These new foreclosures may have somewhat skewed by the $25 billion dollar settlement between five major banks and states, agreement. But, according to Bloomberg News the five banks in question only own or control 7.3% of all outstanding single-family mortgages.

So it is hard to believe that the settlement has caused all of this uptick.

Overall foreclosure activity, which includes default notices, scheduled auctions and bank repossessions, affected 205,990 properties in May, a 9.1 percent increase from April

Bank repossessions increased 7 percent after sinking to a 49-month low in April, with 54,844 homes repossessed in May

Georgia’s foreclosure activity increased by 32.9 percent from April and 30 percent from May 2011, making it the month’s leader in foreclosure activity, ahead of Arizona, Nevada and California, the report said…

The Riverside-San Bernardino metro area in southern California had 8,388 properties with foreclosure filings in May, a 19 percent increase from April. One out of every 179 housing units is in foreclosure, over 3.5 times the national average.

New Jersey continued April’s trend, with 1,136 foreclosure starts in May, an annual rise of 118 percent. In April, foreclosure starts rose 180 percent annually…

Short sales were up 25 percent in the first quarter of 2012, reaching a three-year high

But ‘the private sector is doing fine.’

This article was posted by Steve on Thursday, June 14th, 2012. Comments are currently closed.

One Response to “Foreclosures Up For First Time In Two Years”

  1. GetBackJack says:

    I don’t know how to find the stats, but … anyone knows how to …

    I’m willing to bet the deed to the Ranch that if we look at regular American’s foreclosure rates vs. Union member foreclosure rates what do you suspect you’d discover?

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