Interthinx is Your Blueprint for Quality._id1342
in News > Mortgage Servicing
print the content item


Foreclosure filings were reported on 206,900 U.S. properties in February, a 2% decrease from the previous month and an 8% drop from February 2011 - the lowest annual decrease since October 2010, according to new data from RealtyTrac.

According to RealtyTrac, one in every 637 U.S. housing units had a foreclosure filing last month. Foreclosure activity in the 26 states with a judicial foreclosure process increased 2% from January and was up 24% from February 2011, while activity in the 24 states with a nonjudicial foreclosure process decreased 5% from January and was down 23% from February 2011.

Ten of the nation's 20 largest metro areas by population documented year-over-year increases in foreclosure activity in February, led by the Florida cities of Tampa (a 64% increase) and Miami (a 53% increase). Foreclosure activity in Nevada reached a 58-month low in February, but the state still posted the nation’s highest state foreclosure rate for the 62nd straight month. One in every 278 Nevada housing units had a foreclosure filing during the month, more than twice the national average.

"February's numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed," says Brandon Moore, CEO of RealtyTrac. "Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010."

Moore adds that the recent $25 billion foreclosure settlement will "help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures. That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states."




Latest Top Stories

CFPB Selects Vendors And Lenders For Its Mortgage E-Closing Pilot

Five technology firms and seven lenders will participate in the CFPB's e-closing pilot, which will explore the viability of developing a standard process for closing mortgages using technology.


BofA To Pay Nearly $17 Billion To Resolve Mortgage Bond Probe

The agreement with the U.S. Department of Justice eclipses the $13 billion settlement JPMorgan Chase reached with federal and state authorities over similar allegations last November.


FHFA Seeks Feedback On Proposed Single Security For GSEs

The agency is requesting feedback from mortgage industry professionals on all aspects of the proposed single security structure and in particular, issues regarding the transition from the current system to a single security.


Ellie Mae To Buy AllRegs For $30 Million

"With the acquisition of AllRegs, Ellie Mae will expand its customer base and add a broad array of content and services that complement our portfolio of product offerings," says Sig Anderman, CEO of Ellie Mae.


Survey Shows ATR/QM Rules Are Negatively Affecting Approvals

In a survey of loan officers commissioned by the Federal Reserve Board, more than half said the CFPB's ability-to-repay/qualified mortgage rule has reduced approval rates for certain types of mortgages.

LenderLive_id1241
Hse SandyHook
Industry Resource
Orb Mobile
FedHomeLoan_id1341
Safeguard_id1322
NAMFS_id1321
SWBC_id1313