U.S. Foreclosure Filings up 7%

RealtyTrac has reported that 239,795 properties received some type of foreclosure filing in March of 2011, signifying a 7% increase over the previous month.

Though foreclosure filings were up from February, they were down 35% from March of 2010, when RealtyTrac reported the highest number of monthly filings since January of 2005 when it started the report. Foreclosure filings may include notices of default, bank repossessions and scheduled auctions. Of the total filings in March:

• 73,393 were default notices (a 16% increase from February);
• 93,228 were foreclosure auctions (a 4% decrease from February); and
• 73, 174 were bank repossessions (a 13% increase from February).

Foreclosure filings are considered to be on the rise because of the number of servicers and lenders who are working through a backlog of foreclosures caused by problems related to paperwork practices. According to the Sr. VP of RealtyTrac, foreclosure filings are more likely to increase gradually rather than jump suddenly as lenders and servicers try to catch up.

RealtyTrac had been forecasting that home prices would bottom out this year and remain flat until 2014, but the backlog and delays in foreclosure inventory may mean that a significant increase in the housing market will not occur on a national level until late 2014 or in 2015.

Take a proactive approach and deal with your foreclosure or other debt-related problems with an experienced attorney who can protect your rights while forwarding your financial goals. At Jacoby & Jacoby, we offer legal counsel to debtors and homeowners throughout Long Island and the surrounding areas who are dealing with foreclosure, creditor harassment,  bankruptcy and other debt matters. We can talk to you about your options in saving your home.

Contact a Long Island foreclosure lawyer at our firm today.