Huge foreclosure spikes in some states

Foreclosure activity increased by 3% in January, with certain states experiencing a sharp increase in default notices, according to RealtyTrac.
The firm’s latest data show that properties entering the first stage of the foreclosure process increased by 100% in Maryland and 112% in Pennsylvania year-over-year. Florida, Massachusetts and Connecticut all saw default-notice spikes of more than 20% year-over-year as well.

Some states, including Florida, Illinois, Indiana and Pennsylvania, saw their foreclosure activity increase year-over-year for the first time in more than 12 months.

“The foreclosure machine is slowly picking up again,” says Daren Blomquist, RealtyTrac’s director of marketing communications. He says the latest round of numbers indicate that the foreclosure filing freeze initiated in October 2010, resulting from the robo-signing controversy, is starting to thaw after almost a year of artificially low numbers.

In total, foreclosure filings were reported on 210,941 U.S. properties last month, with one in every 624 U.S. housing units experiencing either a default notice, a scheduled auction or a bank repossession in January.

RealtyTrac expects that increases in foreclosure activity will continue due to the finalized mortgage and foreclosure settlement between 49 state attorneys general, federal officials and five of the nation’s largest lenders, which was reached earlier this month.

“Other roadblocks to foreclosure are still in place at the state level, however, including legislation altering the foreclosure process and lawsuits against lenders,” RealtyTrac CEO Brandon Moore said in a written statement. “We expect to see somewhat uneven trends in local and regional foreclosure numbers going forward as lenders work through these additional legislative and legal roadblocks.”

Despite the marked increases in certain states, Nevada continues to post the highest foreclosure rates, with one in every 198 housing units experiencing a filing in January. It was followed by California, where one in every 265 housing units was distressed, and Arizona, where one in every 325 housing units is experiencing some stage of foreclosure.

Other states with high foreclosure rates include Georgia, Michigan, Florida, Illinois, Delaware, Colorado and Indiana.

*God Speed*
TLD Investments LLC
http://www.tldinvestmentproperties.com

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