Third Quarter 2011 Home Foreclosures Increase
RealtyTrac CEO James Saccacio said the initial jump in home loan defaults from July to September 2011 is significant because it is the first increase after five consecutive quarterly declines in Florida, suggesting banks are addressing a backlog of homes in foreclosure and are now beginning to move on more recent home loan defaults.
The third-quarter increase in initial defaults was largely a product of a spike in August. In September, default notices were off 10 percent from August, RealtyTrac said.
Federal, state and bank officials are expected to hold another round of negotiations in Washington and Florida’s attorney general dismissed media reports that a final settlement is imminent in multi-state negotiations over alleged foreclosure abuses by U.S. banks.State Attorney General Pam Bondi said states should return to bolster any deals if they’ve pulled out of the negotiations, according to Reuters. Some states aren’t on board and they’re trying to bring back some people who left.
Negotiations toward a settlement have been going on for months with penalties on the banks of up to $20 billion being discussed. A settlement would free up a backlog of foreclosures weighing on housing markets and dragging on economic growth.
A pickup in foreclosure activity also means a potentially faster turnaround for the U.S. housing market. Experts say a revival isn’t likely to occur as long as there remains a glut of potential foreclosures hovering over the market.
Florida Bankruptcy Attorneys Lanigan and Lanigan
Consult with Winter Park Florida bankruptcy lawyers Eric Lanigan and Roddy Lanigan before allowing your payments to be late and your mortgage to default. There are options to save a home with responsible home ownership practices including refinancing a property in a mortgage workout–whether business or personal property.