More Foreclosure Filings in 60% of U.S. Big Cities

by San Antonio Attorney

Foreclosure filings have increased in nearly 60 percent of the big cities in the United States during the first six months of 2012, which implies that quite a few states will probably have even more troubled houses out there by the end of this year, according to reports released by RealtyTrac Inc.

Over one million houses in towns and cities with a minimum of 200,000 populations had been given notices of repossession, auction, or default, which is more than 1.5 percent in the first six months of last year based on the data provided by Irvine. Among the list of 20 biggest markets, New York City, Philadelphia, Tampa, Florida, and Chicago had the greatest rate of increases in foreclosure filings.

The growth in number of foreclosure proceedings triggered an investigation into abusive practices of lenders that deferred bank foreclosures across the country. More foreclosures will hold up transactions in various local real estate markets wherein a lack of boldly priced inventory had been delaying sales, according to Realty Trac CEO Brandon Moore.

A bank settlement of $25 billion on Feb. 9 made the terms of loans easier for several borrowers. There were also new rules imposed for the five biggest mortgage companies in the country. Recently passed laws in California and Nevada, however, made it tougher for mortgage servicers to continue property foreclosures, according to Realty Trac spokesman Daren Blomquist.

The new guidelines have been delaying the lenders actions and resulted in temporary decreases of the percentage of foreclosure filings. All over the country, the first-half filings went down by almost 11 percent compared to the same period last year, although it was up within the past six months, RealtyTrac said.

Delayed foreclosures have led to limited supplies of properties for sale. In the real estate market, the total number of houses, townhouses, co-ops and condos for single-family fell 19 percent compared to last year, according to the website of National Association of Realtors.

 

-  A Real Estate Attorney San Antonio law expert can file various defenses to the foreclosure complaint and employ legal procedural strategies to delay or stop the foreclosure. When mortgage lender attorneys encounter resistance from the borrower, they are usually open to settlement so that they do not have to spend excessive amount of resources on a single property.

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