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Are Foreclosure Prevention Programs Delaying a Housing Recovery?
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You're Now Reading:
Are Foreclosure Prevention Programs Delaying a Housing Recovery?
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Are Foreclosure Prevention Programs Delaying a Housing Recovery?
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August 15, 2011 (Jeff Alan)

Foreclosure activity decreased four percent from June to July, and was 35 percent below year ago levels, as processing and procedural delays and national and state-level foreclosure prevention programs may be contributing to a delay in the recovery of the housing market according to RealtyTrac’s Foreclosure Market Report for July 2011.

A total of 212,794 U.S. properties received foreclosure filings, either default notices, auction sale notes, or bank repossessions, in July, with one in every 611 U.S. housing units receiving a foreclosure filing.

The reduction in foreclosure filings is not a result of a recovery in the housing market, but has been caused by continuing processing and procedural delays, and a smorgasbord of foreclosure prevention efforts. This has resulted in lenders slowing the pace of foreclosures which RealtyTrac says “should extend current housing market woes into 2012 and beyond.”

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure.”

Nevada, California, and Arizona maintained the top three spots with the highest foreclosure rates in July. Nevada again led the pack with one in every 115 housing units receiving at least one foreclosure filing. California was second with one in every 239 and Arizona was third with one in every 273 housing units receiving a foreclosure filing in July. All three states posted significant declines in year-over-year foreclosure activity.

Rounding out the top ten in foreclosure rates were Georgia, Utah, Florida, Michigan, Idaho, Illinois and Wisconsin.

In sheer numbers, California had the most foreclosure filings with 56,193 properties receiving a foreclosure filing in July, followed by Florida (22,377), Georgia (11,461), Michigan (10,894), Illinois (10,627), Texas (10,571), Arizona (10,098), Nevada (9,930), Ohio (8,376) and Wisconsin (4,534).

The above 10 states accounted for 73 percent of all U.S. foreclosure activity in July.

Tags: RealtyTrac, foreclosures activity, foreclosure filings, default notices, auction sale notes, and bank repossessions, robo-signing

Source:
RealtyTrac

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
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Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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August 15, 2011 (Jeff Alan)

Foreclosure activity decreased four percent from June to July, and was 35 percent below year ago levels, as processing and procedural delays and national and state-level foreclosure prevention programs may be contributing to a delay in the recovery of the housing market according to RealtyTrac’s Foreclosure Market Report for July 2011.

A total of 212,794 U.S. properties received foreclosure filings, either default notices, auction sale notes, or bank repossessions, in July, with one in every 611 U.S. housing units receiving a foreclosure filing.

The reduction in foreclosure filings is not a result of a recovery in the housing market, but has been caused by continuing processing and procedural delays, and a smorgasbord of foreclosure prevention efforts. This has resulted in lenders slowing the pace of foreclosures which RealtyTrac says “should extend current housing market woes into 2012 and beyond.”

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure.”

Nevada, California, and Arizona maintained the top three spots with the highest foreclosure rates in July. Nevada again led the pack with one in every 115 housing units receiving at least one foreclosure filing. California was second with one in every 239 and Arizona was third with one in every 273 housing units receiving a foreclosure filing in July. All three states posted significant declines in year-over-year foreclosure activity.

Rounding out the top ten in foreclosure rates were Georgia, Utah, Florida, Michigan, Idaho, Illinois and Wisconsin.

In sheer numbers, California had the most foreclosure filings with 56,193 properties receiving a foreclosure filing in July, followed by Florida (22,377), Georgia (11,461), Michigan (10,894), Illinois (10,627), Texas (10,571), Arizona (10,098), Nevada (9,930), Ohio (8,376) and Wisconsin (4,534).

The above 10 states accounted for 73 percent of all U.S. foreclosure activity in July.

Tags: RealtyTrac, foreclosures activity, foreclosure filings, default notices, auction sale notes, and bank repossessions, robo-signing

Source:
RealtyTrac

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

August 15, 2011 (Jeff Alan)

Foreclosure activity decreased four percent from June to July, and was 35 percent below year ago levels, as processing and procedural delays and national and state-level foreclosure prevention programs may be contributing to a delay in the recovery of the housing market according to RealtyTrac’s Foreclosure Market Report for July 2011.

A total of 212,794 U.S. properties received foreclosure filings, either default notices, auction sale notes, or bank repossessions, in July, with one in every 611 U.S. housing units receiving a foreclosure filing.

The reduction in foreclosure filings is not a result of a recovery in the housing market, but has been caused by continuing processing and procedural delays, and a smorgasbord of foreclosure prevention efforts. This has resulted in lenders slowing the pace of foreclosures which RealtyTrac says “should extend current housing market woes into 2012 and beyond.”

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure.”

Nevada, California, and Arizona maintained the top three spots with the highest foreclosure rates in July. Nevada again led the pack with one in every 115 housing units receiving at least one foreclosure filing. California was second with one in every 239 and Arizona was third with one in every 273 housing units receiving a foreclosure filing in July. All three states posted significant declines in year-over-year foreclosure activity.

Rounding out the top ten in foreclosure rates were Georgia, Utah, Florida, Michigan, Idaho, Illinois and Wisconsin.

In sheer numbers, California had the most foreclosure filings with 56,193 properties receiving a foreclosure filing in July, followed by Florida (22,377), Georgia (11,461), Michigan (10,894), Illinois (10,627), Texas (10,571), Arizona (10,098), Nevada (9,930), Ohio (8,376) and Wisconsin (4,534).

The above 10 states accounted for 73 percent of all U.S. foreclosure activity in July.

Tags: RealtyTrac, foreclosures activity, foreclosure filings, default notices, auction sale notes, and bank repossessions, robo-signing

Source:
RealtyTrac

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.