Newsmax TV & Webwww.newsmax.comFREE - In Google Play
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
Skip to main content
Tags: RealtyTrac | Rising | Tide | Foreclosures

RealtyTrac: There’s a ‘Rising Tide’ of Foreclosures Ahead

By    |   Friday, 16 March 2012 08:20 AM EDT

The nationwide settlement with major banks clears the way for a tsunami of foreclosures, experts warn.

The number of homes entering foreclosure in February fell 8 percent from February 2011, but that's just a lull before the storm, according to RealtyTrac, an online marketplace for foreclosure properties.

According to RealtyTrac, 21 states saw annual increases in foreclosure activity, the most since November 2010. February's drop was due to less foreclosure activity in a few large states.

Editor's Note: Wall Street Whistleblower Warns of Meltdown, See His Uncensored Interview

"February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed," said Brandon Moore, CEO of RealtyTrac.

"The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures."

The agreement between state attorneys general and the five largest banks clarifies how foreclosures and done.

Under the agreement, the states drop their investigations into improper foreclosure practices while the banks agree to foreclosure practices and other demands.

Banks are now free to move forward with foreclosure cases that were stuck in limbo for months or even years in some cases.

"They have already adjusted their foreclosure practices to fit the terms of the settlement," said Daren Blomquist, director of marketing for RealtyTrac, according to CNNMoney. "We expect that to continue as [the settlement] gets finalized."

"The pig is starting to move through the python," he said, CNNMoney reported.

Foreclosure activity in the 26 states with judicial foreclosure process, which requires court approval for a foreclosure, increased 2 percent from January and 24 percent from February 2011, according to RealtyTrac.

Meanwhile, activity in the 24 states with a non-judicial foreclosure process decreased 5 percent from January and was down 23 percent from February 2011.

Florida is seeing some of the largest increases in foreclosure activity, with activity increasing 64 percent in Tampa and 53 percent in Miami.

Editor's Note: Wall Street Whistleblower Warns of Meltdown, See His Uncensored Interview

© 2024 Newsmax Finance. All rights reserved.

Friday, 16 March 2012 08:20 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.

Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
Get the NewsmaxTV App for iOS Get the NewsmaxTV App for Android Scan QR code to get the NewsmaxTV App
America's News Page
© Newsmax Media, Inc.
All Rights Reserved